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OIL Technical analysis 17 July 2018

2018-07-17 12:04 am | Resource: Technical Analysis | No Views : 98

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
The selling  force managed to control the movement of oil to break the support level of  72.61 down to reach the support level of  67.80 forming a positive candlesticks pattern
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery
Accordingly, we expect that  oil will  target levels of  69.38 - 70.26 in a corrective move
Alternative scenario is that the  Oil dropped to level of  66.67
Resistance: 69.38 - 70.26 - 71.17
Support: 67.80 - 66.67 - 65.85
Direction: Down
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