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| Technical Analysis for Crude Oil 27-7-2015 |
Oil moved last Friday in the average movement of 130 cents, its highest level at 49.01 and the lowest price at 47.71 and closed at 48.21 to lose 57 cents during Friday’s trading according to the economic data...
Oil opened today's trading at 47.92 volatile between 47.79 and 48.17 during the Asian session trading at 38 cents for the poor liquidity in the market range.
Oil moves in a series of down corrective waves in a parallel price channel
We saw the oil achieved our target at 49.00
It is expected that the oil is heading targeting 47.00 as the target on time frame of four hours to make a little of correction, and until 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 the USA
Support levels: 47.61 and 47.01 and 46.31
Resistance levels: 48.91 and 49.61 and 50.21
More Technical Outlook FxStations
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