Technical Analysis – Oil pauses recent rally to fall below $60
Posted on May 26, 2015 at 7:19 am GMTCrude oil is trading above the 50 and 100 – day moving averages but it is below the 20 – day moving average. A close below it would confirm that a short-term top is in place at 63.59, the May 6 high. Prices are expected to find support at 57.77, which is the 23.6% Fibonacci retracement of the downleg from 107.45 to 42.84. A fall through this support would take prices to the next support level of 55.70. To the [..]