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4/5/2016 3:37:06 AM

Oil keeps tumbling - Technical Analysis - 05-04-2016



Crude prices kept falling in the intraday levels, as it being affected by a forming negative technical pattern that formed previously in the medium term, the Rising Wedge pattern as shown in the attached chart, with ongoing negative pressure from the SMA50, with the pair breaking through the important support of 36.18, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 26.03 to 42.46).

Therefore we expect more losses to come for the crude, targeting the support of 34.25, which represents the ratio 50% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bearish

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