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28 Jan 2015
Crude to remain bearish below USD 49 - USD 49.50 – Varengold
FXStreet (Barcelona) - According to the Varengold Bank Research Team, Nymex Crude might remain bearish as long as the pair fails to break above the resistance located at USD49 - USD49.50 levels.
Key Quotes
“Technically the Crude Oil is immersed in a deep downtrend initiated six months ago, since when it has lost more of a half of its value. Even though it seems that we could be close to a equilibrium level, according to some fundamental reports, the reality is that the commodity is bearish as long as it is not able to break some important resistances. This levels are identified [..], being especially significant the level of $49.00-$49.50.”
“At this moment, the price is close to the support level coinciding with the lows of January. If this level is finally crossed 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, since when it has lost more of a half of its value. Even though it seems that we could be close to a equilibrium level, according to some fundamental reports, the reality is that the commodity is bearish as long as it is not able to break some important resistances. This levels are identified [..], being especially significant the level of $49.00-$49.50.”
“At this moment, the price is close to the support level coinciding with the lows of January. If this level is finally crossed 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.”