Technical Analysis Crude Oil for February 8, 2016

Crude oil prices moved lower on Friday in the wake of the disappointing U.S. employment report. In addition, Canada released their jobs data and that also spooked investors. Prices edged below the 10-day moving average which is now seen as resistance at 31.75. Support is seen near this week’s low at 29.75. Momentum remains positive with the MACD printing in the black, but the trajectory has flattened reflecting consolidation.

Canada employment fell 5.7k in January, contrary to expectations for a modest improvement after the 22.8k rise in December. Full time employment grew 5.6k after a revised 9.6k drop. Part time employment accounted for the decline in total employment during January, falling 11.3k after a revised 32.4k. Private employment fell 4.1k after a 6.7k drop in December and 40.4k tumble in November.