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| Technical Analysis for Crude Oil 28-7-2015 |
Oil moved yesterday in the average movement of 116 cents, its highest level at 48.17 and the lowest price at 47.02 and closed at 47.02 to lose 89 cents during yesterday’s trading according to the economic data.
Oil opened today's trading at 47.05 volatile between 46.91 and 47.28 during the Asian session trading at 37 cents for the poor liquidity in the market range, and in the european session the oil went down to 46.67
Oil moves in a series of down corrective waves in a parallel price channel
We saw the oil achieved our target at 47.00
It is expected that the oil is heading targeting 46.25 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: 46.63 and 46.25 and 45.48
Resistance levels: 47.78 and 48.55 and 48.93
More Technical Outlook FxStations
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