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Technical Analysis
Navigation FX - Technical & Fundamental Analysis
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[QUOTE="Navigation FX, post: 114682, member: 39595"] [SIZE=6][B][B]Crude Oil – Ascending Triangle[/B][/B] [B][B][/B][/B][/SIZE] Crude oil prices had recorded a $2 rally yesterday after Opec Secretary-General Mohammed Barkindo said that they are fine tuning the production cut agreement for the first time in eight years. On Sept 28th, OPEC decided to reduce its output range between 32.5-33 million barrels a day where they are expected to meet this target on Nov 30th. A recent Bloomberg survey found that in October 34.02 million barrels were produced a day. From looking at the graph, we drew an ascending trend line. We can see that there is a strong resistance at $52.20 where it has been tested twice as well as a strong support thus forming an ascending triangle. If the rally continues and the resistance breaks, then the triangle implies there may be an increase of $16, a great long opportunity. However, as mentioned before, we are expecting to see weather OPEC can get to the target production that they are planning. [IMG]http://www.navigationfx.com/wp-content/uploads/2016/11/XTIUSD-161116-696x308.png[/IMG] [/QUOTE]
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