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Crude Oil






2/29/2016 2:43:41 AM

Oil bounced lower by pivotal resistance - Technical Analysis - 29-02-2016



Crude prices rose in the short term with positive support of the SMA50, reaching the pivotal resistance of 34.20, which led it lower again as traders reap profits and as prices try to garner positive momentum that'd help it rise anew and attack this pivotal level, while noting the relative power indicators have reached extremely oversold levels, while still emitting negative signals till now.

Therefore we expect the crude to fall in the coming trading, targeting the support of 30.70.


Target
Risk


Support
Resistance


Trend Bearish

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