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Crude Oil






2/17/2016 2:31:10 AM

Oil resumes decline - Technical Analysis - 17-02-2016



Crude oil prices returned lower in the intraday levels after touching the downward short-term trend line as shown in the attached chart, settling below the level of 29.45, while trespassing the SMA50, doubling the negative pressures on the coming trading.

Therefore we expect more losses to come for the crude, as long as it settles firmly below the resistance of 29.45, targeting thereafter the pivotal support of 28.00.


Target
Risk


Support
Resistance


Trend Bearish

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