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| Technical Analysis for Crude Oil 21-7-2015 |
Oil moved yesterday in the average movement of 138 cents, its highest level at 51.23 and the lowest price at 49.84 and closed at 49.95 to Lose 82 cents during yesterday’s trading according to the economic data .
Oil opened today's trading at 49.92 volatile between 49.83 and 50.05 during the Asian session trading at 22 cents for the poor liquidity in the market range, and in the European session the oil went up to 50.35
Oil moves in a series of down corrective waves after breaking the parallel price channel
The oil achieved our target at 50.10
It is expected that the oil is heading targeting 49.00 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: 49.45 and 48.95 and 48.06
Resistance levels: 50.84 and 51.73 and 52.23
More Technical Outlook FxStations
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