Crude Oil: Daily technical indicators point to further losses - BBH

Light sweet crude oil for March delivery fell for its sixth consecutive session before the weekend and finished below $60 a barrel for the first time since December 28, notes Marc Chandler, Global Head of Currency Strategy at BBH. 

Key Quotes

“The second week of inventory builds in the US (first increase since the first half of last November) and a rising dollar and falling equities appeared to be the main culprits.  The speculative market came into the week with record long gross and net long crude positions in the futures market.  The daily technical indicators point to further losses, and the weekly technical indicators are just turning down.   The next target is near $58, but there is potential toward $55.   Still, the move has been dramatic and the pre-weekend close was the third consecutive close below the lower Bollinger Band, warning the market may have gone too far too fast.”