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Crude Remains Bearish In September

Published 09/06/2015, 12:31 PM
Updated 07/09/2023, 06:32 AM
CL
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Oil Weekly Chart

As seen on the weekly chart, crude oil volatility increased as it pushed to a tight corner technically, touching top and down much faster than previous month. I call the wild swing an overreaction to minor news.

The downtrend that started in June 2014 and is still the main and the steadiest resistance which controls higher targets. A breakthrough of $52 followed by retest will confirm passing of the resistance or price will fall to new support line at $35.

Crude oil daily technical indicators vote for increase, while weekly indicators signal strong sell which is also confirmed by monthly indicators. MACD also indicates bearish.

  • R: $52
  • S: $35

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