Technical Analysis – US oil futures descend towards 50-DMA
Posted on April 4, 2016 at 7:31 am GMTUS oil futures opened lower on Monday to extend their losses to a ninth straight day. Oil has been heading lower since peaking at 42.47 on March 18, which was a 54% rally from the January low of 27.54. Prices have fallen below the 38.2% Fibonacci retracement level of the January-March upleg and the next support level is likely to come at the 50% Fibonacci level at 35.0. This is also where the 50-day moving average is converging. A break [..]