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Crude Oil: Broken Channel May Serve As Resistance

Published 03/22/2016, 05:48 AM
Updated 07/09/2023, 06:31 AM
CL
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Markets are sharply down in the EU since we had a sad attack on the Brussels airport. Markets are in the risk-off mode, since this event triggers flight to save heaven assets classes. During the day we have UK CPI figures, but they will be overshadowed by these unfortunate new events. Oil is still holding close to recent highs but the structure suggests more downside in sessions ahead. Channel line resistance should hold and sent this commodity lower in the wave c) or iii).

Crude Oil, 1H
Crude Oil 1H Chart

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