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Monday, 01 December 2008 20:10:51 GMT
Written by David Rodriguez, Quantitative Analyst
Full Article
he NYMEX Crude Oil contract may continue its decline if it is unable to recover recent losses, as the break of a 10-year uptrend channel leaves it vulnerable to further drops. Next downside targets include recent spike-lows at the 48.25 mark, while further price floors are shaky. If we trust continuous contract data, crude oil could test previous support at the 46.20 mark, while further declines would likely eye a move towards the psychologically significant 40.00 level. Short-term forecasts remain dim for the crude oil contract, as it remains in a clearly pronounced multi-month downtrend.
Short-Term Technical Forecast for Crude Oil
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Written by David Rodriguez, Quantitative Analyst
Full Article
he NYMEX Crude Oil contract may continue its decline if it is unable to recover recent losses, as the break of a 10-year uptrend channel leaves it vulnerable to further drops. Next downside targets include recent spike-lows at the 48.25 mark, while further price floors are shaky. If we trust continuous contract data, crude oil could test previous support at the 46.20 mark, while further declines would likely eye a move towards the psychologically significant 40.00 level. Short-term forecasts remain dim for the crude oil contract, as it remains in a clearly pronounced multi-month downtrend.
Short-Term Technical Forecast for Crude Oil
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.