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Oil Trading Above 1065.00

Published 12/14/2015, 05:00 AM
Updated 07/09/2023, 06:31 AM
CL
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Oil: Trading above 1065.00 and 1062.00 stopped the bearishness and thus, we should be patient and we will be waiting for a convenient signal to enter the market.

Oil 4-Hour Chart

Consecutive bearish signs appear on oil chart despite the oversold signal, but trading within the bearish channel and below moving averages support trading below 113% Fibonacci.

Technical targets are now at 34.20- Fibonacci of 127%- as trading below 113% is negative. Only a break below 37.75 will weaken the bearish scenario, but trading below 36.05 makes it a good ceiling.

Support:35.10 – 34.80 – 34.20

Resistance: 36.05 – 36.60 – 37.35

Direction: Bearish

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