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1/13/2016 2:11:35 AM

Oil touches the ceiling of a descending channel - Technical Analysis - 13-01-2016

Crude oil prices dipped in the intraday levels trading, with the overall guidance of the main downward trend in the short term, and with crude trading within a descending price channel that limits its movements, and with the continuing negative pressure of the simple moving average for the last 50 hours period. Prices then began rising at the start of today's trading, touching the ceiling of that descending price channel, with the forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect crude to rebound, provided it breaches the ceiling of that descending price channel, targeting thereafter the resistance of 32.40.



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