The DMI gives us a good indication of the type of building downward momentum we are looking at which is pretty much the mirror of what happened in December with the DMX rising above the positive line. Here we have it rising above the negative line.
With the support breached, there are new price dynamics in play and so I would say the next target is 1.16 which is about the level that corresponds to oil being at its current price.
We also see a falling resistance line that is holding since mid April that can be used to enter trades.
With the support breached, there are new price dynamics in play and so I would say the next target is 1.16 which is about the level that corresponds to oil being at its current price.
We also see a falling resistance line that is holding since mid April that can be used to enter trades.