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Crude Oil: Under Pressure And Rebounds Capped Below 62.48

By FxGrowCommoditiesMar 13, 2018 07:43AM ET
www.investing.com/analysis/crude-oil-under-pressure--rebounds-capped-below-6248-200297566
Crude Oil: Under Pressure And Rebounds Capped Below 62.48
By FxGrow   |  Mar 13, 2018 07:43AM ET
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Intraday technical summary: key resistance at 61.45.

wti 30m
wti 30m

Pivot: 61.45

Our preference: short positions below 61.45 with targets at 61.00 & 60.65 in extension.

Alternative scenario: above 61.45 look for further upside with 61.85 & 62.35 as targets.

Comment: the RSI is mixed to bearish.

Supports and resistances:

62.35 61.85 61.45

61.15 Last seen

61.00 60.65 60.15

Oil daily technical overview

Closing price: (61.33)

Target price: None at the moment

Resistance: 62.48*+/-, 63.15+/-

Support: 60.88, 60.09*-, 59.30

Trend: Sdwys/Down / daily

Trend reversal price: 62.48 / daily close

Comment: The market is still caught in a short term negative pattern, but rebounds should be stopped against 62.48* resistance to enable a roll back to selloffs. A close over 62.48* marks a bull turn and could run trade back to 64.00+. A close under 60.09* will renew selloffs to 59.30 and possibly lower.

Crude Oil: Under Pressure And Rebounds Capped Below 62.48
 

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Crude Oil: Under Pressure And Rebounds Capped Below 62.48

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