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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 210878, member: 80239"] [img deleted] [B]Crude Oil - lower demand for gasoline in the USA puts pressure on quotes[/B] Earlier, data from the Energy Information Administration of the US Department of Energy (EIA) were published, which put pressure on the positions of the trading instrument. In particular, oil reserves decreased by 0.446M barrels, and distillates — by 1.296M barrels, while gasoline reserves in the USA immediately increased by 3.498M barrels, which worries investors, since such a rapid drop in gasoline demand during the summer car season can mean serious problems in the national economy. Probably, the population cannot pay for fuel at the new high tariffs, which threatens to further reduce its sales. An additional factor of pressure on prices is the resumption of production at a number of fields in Libya, where a regime of force majeure was previously announced. [img]https://i.ibb.co/8NwbFhW/oil.png[/img] Now the trading instrument is testing the mark of 103.12 (Murray [1/8]), consolidation below which will allow the quotes to continue moving to the area of 100 (Murray [0/8], Fibo retracement 50.0%) and 96.88 (Murray [-1/8]). The key for the "bulls" is still the level of 108, the breakout of which will be a catalyst for growth to the levels of 112.5 (Murray [4/8]), 115.62 (Murray [5/8]). Technical indicators signal the continuation of the decline: the Bollinger Bands are directed downwards, the Stochastic is reversing downwards in the overbought zone, and the MACD histogram is stable in the negative zone. [B]Resistance levels[/B]: 108, 112.50, 115.62 | [B]Support levels[/B]: 103.12, 100.00, 96.88[/JUSTIFY] [/QUOTE]
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