Crude Oil Down Trend Continues

 

CRUDE OIL TRENDS DOWNWARDS AGAIN

Although the shift took place a couple of trading days back, the market has now confirmed that it’s breaking downwards again in trend.

BrentHere’s what it looks like on a price chart with annotations on where the confirmation took place.

This time down, we may take out the August lows and that support level needs to be given a good deal of weight.

If the trend carries through, then, we should see some price support at the $43-$44 level.

The present price angle of descent is below 45 degrees further signifying a weak market and a lack of buying support at present.

At this point price would have to go above the $52 level to assume a more bullish trend again.

Below you’ll find a lower-cost way to follow the Crude Oil Market by using the ETF symbol USO or it’s options:– George

  • October 27, 2015