11:51 AM
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| Technical Analysis for Crude Oil 8-7-2015 |
Oil moved yesterday in the average movement of 282 cents, its highest level at 53.41 and the lowest price at 50.57 and closed at 52.96 to Gain 25 cents during yesterday’s trading according to the economic data...
Oil opened today's trading at 52.86 volatile between 52.00 and 52.90 during the Asian session trading at 90 cents for the poor liquidity in the market range, and in the European session the pair went down to 51.46
Oil moves in a series of down corrective waves after breaking the parallel price channel
It is expected that the oil is heading targeting 49.50 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: 51.21 and 49.47 and 48.37
Resistance levels: 54.05 and 55.15 and 56.89
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