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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 213369, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - US strategic oil stock hits 1984 low[/JUSTIFY][/HEADING] [JUSTIFY]The dynamics of the asset are affected by the continued release of oil from US reserve storage facilities. As noted in The Wall Street Journal, energy stocks fell last week to a minimum since 1984, reaching 427.0M barrels, and fell below commercial reserves held by US firms, which raises fears of experts ahead of the entry into force of the ban. for the import of Russian "black gold" by the EU countries from December 5. According to preliminary estimates, the market may lose up to 1.0M barrels per day, which will lead to a sharp increase in prices and have nothing to compensate for. Despite the fall in quotations, the demand for contracts from investors continues to rise for the third week, reaching a value of 239.9K against 227.1K a week earlier. Such values were last recorded in 2016, during the first serious decline in oil prices to levels around 30 – 40 dollars per barrel, and at the current level of demand, there is no increase in asset quotes expected. [img]https://i.ibb.co/nzdDgQQ/oil.png[/img] On the daily chart of the asset, the price is moving within a downwards corridor, declining towards the support line. Technical indicators maintain a sell signal: fast EMAs of the Alligator indicator are below the signal line and move away from it, and the AO oscillator histogram forms downward bars in the sell zone. [B]Resistance levels[/B]: 85.5, 92 | [B]Support levels[/B]: 82.4, 76.8[/JUSTIFY] [/QUOTE]
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