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Crude OIL - Weekly Report 17/11/2014
Crude oil tested 76.00 and stabilized below it and is still below the significant resistance 77.20, which keeps our bearish expectations supported by the negativity of Linear Regression Indicators. The main awaited targets start at 72.65 and breaking it extends the bearish wave towards 71.20, as the positivity of RSI and MACD explains last Friday’s upside move, and that could cause further sideways volatility before continuing with the overall downside move.
Support 74.95 73.85 73.00 72.65 72.00
Resistance 75.90 77.20 77.85 78.75 79.35
Recommendation
Negative expectations below 75.90, risk-limit above 77.20.
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