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OIL Technical analysis 11 October 2018

2018-10-11 05:32 am | Resource: Technical Analysis | No Views : 85

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
OIL CHART
The bears managed to press the oil to drop below level of  72.73
  In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area
Accordingly, we expect that the oil will target levels of 72.03 - 71.40
The alternative scenario is that the oil drop to level of 69.87
Resistance: 72.73 - 74.26 - 75.87
Support: 72.03 - 71.40 - 69.87
Direction: Down
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