With oil as expected, it couldn't convincingly breakthrough overhead resistance at $34.50. Instead, closed the week with a surge to this level taking out the week hands before being rejected. I'd expect the price to continue ranging within the down trend channel over the next few months. A convincing break above downtrend resistance would change this view, however I doubt this will occur st.
Both the weekly s-stochastic and MACD languishing within their oversold regions with no bullish divergence to note. Trading below both 50w and 200w sma's there is a greater probability for the downtrend to continue making new lows under $27.00 by February end.
