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| Technical Analysis for Crude Oil 2-7-2015 |
Oil moved yesterday in the average movement of 241 cents, its highest level at 59.09 and the lowest price at 56.67 and closed at 56.97 to Lose 211 cents during yesterday’s trading.
Oil opened today's trading at 56.93 volatile between 56.87 and 57.22 during the Asian session trading at 35 pips for the poor liquidity in the market range.
Oil moves in a series of up Impulse waves in a parallel price channel
We saw oil achieved our target at 57.50 during yesterday trading
It is expected that the oil is heading targeting 58.00 as the target on time frame of four hours and till now we see the Bears control on market direction
And the Relative Strength Indicator "RSI" show us Distribution operations at the market
Today we could see sharp trading because of the economic data from USA
Support levels: 56.06 and 55.15 and 53.64
Resistance levels: 58.48 and 59.99 and 60.90
For More Technical Outlook FxStations
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