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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 215844, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - Price growth potential remains[/JUSTIFY][/HEADING] [JUSTIFY]Prices were supported by three main factors: a likely increase in oil demand in China after a significant easing of coronavirus restrictions, fears of a reduction in supply on the market due to the introduction by the G7 countries of the price limit for Russian supplies of "black gold" and the response of official Moscow, as well as a slowdown in the pace of tightening of the monetary policy of the US Fed on against the background of signs of slowing inflation. So, the US regulator raised the interest rate by 50 basis percentage points instead of 75 basis percentage points, as it was earlier, which put pressure on the US currency and raised the price above 83.0 dollars per barrel. [img]https://i.ibb.co/nMVBqCh/oil.png[/img] Technically, the price is close to the middle line of the Bollinger Bands 83.2, the breakout of which will give the prospect of further growth to the levels 87.5 (Murray level [4/8]) and 90 (Fibo retracement 38.2%, Murray level [5/8]). The key for the "bears" remains the level of 77 (Fibo retracement 50.0%, Murray level [1/8]), consolidation below which can cause a further decline to the area of 75 (Murray level [0/8]), 71.88 (Murray level [-1/8]), 68.75 (Murray level [-2/8]). [B]Resistance levels[/B]: 83.2, 87.5, 90 | [B]Support levels[/B]: 77, 75, 71.88, 68.75[/JUSTIFY] [/QUOTE]
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