HomeContributorsTechnical AnalysisCRUDE OIL Targets More Decline In The Short Term

CRUDE OIL Targets More Decline In The Short Term

CRUDE OIL targets more decline in the short term leaving 50.07 as the next price key target. Support lies at the 49.50 level where a break will expose the 49.00 level. A cut through here will set the stage for a run at the 48.50 level. Further down, support comes in at the 48.00 level. On the upside, resistance resides at the 52.50 level. Further out, resistance comes in at the 53.00 level. A break above here will aim at the 53.50 level and then the 54.00 level followed by the 54.50 level. All in all, CRUDE OIL remains biased to the downside in the short term.

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Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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