Oil continues to slide on the day, falls below January high

Technical Analysis

Author: Justin Low | oil

WTI now down by 1.32% on the day

Shale worries continue to creep in every time oil prices move higher, and the market is suddenly feeling a little better about Middle East tensions in Syria. The market is taking the strikes as a "one and done" deal, and though the equities market is a little more cautious, the oil market is responding quite favourably.

Technically, the break of the $66.66 (January high) should have provided the next breakout in oil but considering that geopolitical tensions are fading, a move to the lower end of the trendline support looks likely again now.