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OIL Technical analysis 12 July 2018

2018-07-11 11:48 pm | Resource: Technical Analysis | No Views : 97

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
OIL CHART
The bears managed to control the movement of oil to break the support level 72.61 down to the level of 70.26
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area
Accordingly, we expect that the oil will  test 72.61 again in a corrective move
The alternative scenario is that  the oil break level of  70.26 down to target the level of 69.38
Resistance: 71.21 - 72.61 - 73.54
Support: 70.26 - 69.38 - 67.30
Direction: Down
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