25/02/15 Light Crude Oil prices fail to break below 49


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Light Crude Oil prices fail to break below 49. Low volatility was observed when prices hit 49. Candles subsequently found support although moving averages continue to slope downwards, indicating a bearish trend.

 

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Focusing on H1 chart, candles tested 48.73 thrice and held above 49. Possible ranging may occur between 49.68 and 48.73 today and should candles break below 48.73, it is possible for prices to continue heading towards 45 by the end of this week.

 

Trend Direction
 S3
S2
S1
R1
R2
 
Bearish47.7248.4348.7349.6850.00

 

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