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Oil Continues To Decline

Published 10/14/2015, 05:18 AM
Updated 07/09/2023, 06:31 AM
CL
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Oil continued to decline, approaching the previous broken resistance at 46.00, while negative signs appeared on moving averages. These signs on ADX and RSI remain weak.

Oil 4 Hour Chart

We need a break below 46.00 to prove the brashness; noting that, a break above 47.25 will weaken bearish chances. On the upside, coming above 48.05 will be a bullish factor.

Support: 47.25 – 46.25 – 45.00

Resistance: 47.25 – 48.05 – 49.15

Direction: Bearish below 46.00

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