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9 July 2015 Technical Chart Crude oil Nosedived

For the last couple of months NYMEX crude oil was consolidating in between the key weekly moving averages. In the penultimate week the oil broke out from the consolidation on the downside. The daily Bollinger bands, which had become flat, are now expanding; suggesting that the move can continue on the downside. The short-term momentum indicators are in a bearish mode. Thus, the oil has fallen sharply in the last few sessions. Overall, the oil can continue to slide till $49.85 and after that $46.50. However, crude oil can consolidate in the range of $53.40-51.00 before tumbling further.

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