Crude oil for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly and market is making lower top and lower bottom formation in downward sloping channel on chart. Market is poised to be further , it has gone below its recent significant low of $26.19. It has been taking resistance of 200 DMA on four hourly chart. Expanding of gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $29.55, while next support is seen at $26 a barrel 2003 low. On intra day basis Crude oil price likely to trade lower today. If it break the support of 26.00 then it is likely to show the level of 25.00.
is still place in negative territory below the mark of 50. ADS is also sustaining above 40 mark with negative place above the positive , which is showing that momentum would be .