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26 Jan 2015
Nymex Crude might fall further – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team shares the Nymex Crude oil saw a failed attempt to break above the $49 resistance, and might see further falls if it breaks below the support where it currently trades.
Key Quotes
“Technically the Crude Oil is immersed in a deep downtrend initiated six months ago where it has lost more of a half of its value. Last week the commodity attempted to break the resistance of $49 but being unable to finally cross it, it slipped again to losses.”
“At the moment, crude oil is close to the support level coinciding with the lows of January. If this level is finally crosses we could see additional falls.”
“However, if the commodity is able to cross the Long Term trend line first, and more important, the $49.00-$49.50 resistance, we could see a change in the main trend.”
Key Quotes
“Technically the Crude Oil is immersed in a deep downtrend initiated six months ago where it has lost more of a half of its value. Last week the commodity attempted to break the resistance of $49 but being unable to finally cross it, it slipped again to losses.”
“At the moment, crude oil is close to the support level coinciding with the lows of January. If this level is finally crosses we could see additional falls.”
“However, if the commodity is able to cross the Long Term trend line first, and more important, the $49.00-$49.50 resistance, we could see a change in the main trend.”