18 Dec 2014
Oil extends decline to 54.20
FXStreet (San Francisco) - Crude oil is extending its decline and it's now testing the lows of Wednesday around 54.20. The black gold is confirming its downtrend after two days of consolidation around 55.00 and now it is losing $2 on the day.
Adam Button from ForexLive says: Signs of life over the past two days have been squashed. I don’t ever think I’ve seen sentiment in a market in a major asset like oil get so ugly, so quickly."
Oil levels
Below the 54.00, the oil will find supports at the $50 psychological level and the $45.37, long term support level.To the upside, immediate resistance is seen at 57.44, above which prices could re-test the day high of 59.00 levels.
Adam Button from ForexLive says: Signs of life over the past two days have been squashed. I don’t ever think I’ve seen sentiment in a market in a major asset like oil get so ugly, so quickly."
Oil levels
Below the 54.00, the oil will find supports at the $50 psychological level and the $45.37, long term support level.To the upside, immediate resistance is seen at 57.44, above which prices could re-test the day high of 59.00 levels.