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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 214385, member: 80239"] [JUSTIFY][img]https://i.ibb.co/VJcb5ST/800x80.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]Crude Oil - US inventory growth puts pressure on oil quotes[/JUSTIFY][/HEADING] [JUSTIFY]The long-term trend is downward. The key resistance level is located at 93.5, and the key support is around 76.50. Last week, buyers unsuccessfully tried to break out the 86.5 mark, therefore, we can assume a decline in prices to the nearest support level of 81. [img]https://iili.io/DrxaMx.md.png[/img] The mid-term trend remains upward. Last week, market participants tried to break the key trend support in the area of 86.21–85.46. The trading week closed inside the range, which indicates the retention of support. The trend target is the October maximum in the area of target zone 2 (94.27–93.43). Consequently, it will be possible to consider oil purchases when the first signs of an upward movement appear from approximately the current levels. [img]https://iili.io/DrxYnj.md.png[/img] [B]Resistance levels[/B]: 86.5, 89.5, 93.5 | [B]Support levels[/B]: 81, 76.5[/JUSTIFY] [/QUOTE]
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