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| Technical Analysis for Crude Oil |
Oil moved last Friday in the average movement of 185 cents, its highest level at 53.80 and the lowest price at 51.95 and closed at 52.71 to Gain 20 cents during Friday’s trading according to the economic data.
Oil opened today's trading at 52.19 volatile between 51.65 and 52.20 during the Asian session trading at 55 cents for the poor liquidity in the market range, and in the European session the pair went down to 51.25
Oil moves in a series of down corrective waves after breaking the parallel price channel
It is expected that the oil is heading targeting 50.00 as the target on time frame of four hours to make a little of correction, and till now we see the Bears control on market direction
And the Relative Strength Indicator "RSI" show us Distribution operations at the market
Today we could see sharp trading because of the economic data from USA
Support levels: 51.84 and 50.97 and 49.99
Resistance levels: 53.69 and 54.67 and 55.54
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