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CRUDE OIL January 08, 2016

Oil declined sharply, trading around 32.50 along with strong bearish signals on ADX and RSI 14 although it trades below 30.00 without showing positive signals.

Hence, more bearishness to be seen, targeting 30.00 levels followed by 29.60 at 161.8% Fibonacci.

Only, a break above 34.20 will weaken the bearishness, but we prefer to see oil moving below 33.50 to be bearish.

Support: 31.60 – 30.50 – 29.60

Resistance: 33.50 – 34.20 – 34.55

 

Direction:Bearish