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Crude Oil






11/5/2015 1:52:17 AM

Crude Oil: All ways lead to decline – Technical Analysis – 05-11-2015



Crude Oil price declined on the short term basis, to break the rising wedge’s support that appears on the chart, pushed negatively by the moving average 50, besides the negative signals that come from stochastic, while on the intraday basis, we notice that the price broke the pennant pattern’s support line to add more negative pressure on the coming trading.

Therefore, we expect more decline that targets 45.65 support level initially.


Target
Risk


Support
Resistance


Trend Bearish

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