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| Technical Analysis for Crude Oil 16-7-2015 |
Oil moved yesterday in the average movement of 230 cents, its highest level at 53.48 and the lowest price at 51.19 and closed at 51.44 to Lose 185 cents during yesterday’s trading according to the economic data...
Oil opened today's trading at 51.61 volatile between 51.50 and 52.00 during the Asian session trading at 50 cents for the poor liquidity in the market range, and in the European session the oil went down to 51.40
Oil moves in a series of down corrective waves after breaking the parallel price channel
The OIL achieved our target at 51.41
It is expected that the oil is heading targeting 50.50 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: 50.59 and 49.74 and 48.30
Resistance levels: 52.88 and 54.32 and 55.17
For More Technical Outlook FxStations
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