Oil looks set to drop further.

21 de jul. de 2015

Oil recently broke out of it's price range it had been trading in since May. When it broke out we saw a major price drop shortly after went straight back into consolidation. However now the price has once again bearishly broken out of its range and i can see another decline back to it's recent lows at the start of this year. A close back above resistance 50.57 would see this trade void and we would most likely see price become range bound again.