Technical Analysis for Crude Oil 7-7-2015

Technical Analysis for Crude Oil 7-7-2015

Oil moved yesterday in the average movement of 290 cents, its highest level at 55.32 and the lowest price at 52.40 and closed at 52.85 to Lose 180 cents during yesterday’s trading according to the economic data...

Oil opened today's trading at 52.72 volatile between 52.70 and 53.10 during the Asian session trading at 40 cents for the poor liquidity in the market range, and in the European session the pair went up to 53.29

Oil moves in a series of down corrective waves after breaking the parallel price channel

Oil achieved our target at 53.10 during yesterday trading

It is expected that the oil is heading targeting 55.20 as the target on time frame of four hours to make a little of correction, and till now we see the Bears control on market direction

And the Relative Strength Indicator "RSI" show us Distribution operations at the market

Today we could see sharp trading because of the economic data from USA

Support levels: 51.72 and 50.60 and 48.80

Resistance levels: 54.64 and 56.44 and 57.56

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