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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 225360, member: 80239"] [JUSTIFY][B]Crude Oil[/B] The price of WTI oil increased by almost 1.5% during the Asian and early European trading sessions on Wednesday. This was due to renewed fears about oil supply after a deadly explosion at a hospital in Gaza increased tensions in the region. The price started to rise again from the low of $81.52 on October 6 after a two-day pause. This rise is seen as a positive sign as it broke through an important level at $88.26. If the price stays above this level, it could speed up towards the next key levels at $89.85 and $90.00. [img]https://i.ibb.co/JkSqPq8/crude-oil.png[/img] However, some technical indicators on the daily chart are giving mixed signals. For example, the 14-day momentum is negative and the market is overbought. But, the rising daily Ichimoku cloud and moving averages turning bullish are supporting the price rise. As long as the price stays above supports at $88.26 and $87.72, the positive outlook is expected to remain. But, if the price falls and closes below $86.67, there could be more downside risk. [B]Resistance levels[/B]: 89.05; 89.85; 90; 91 [B]Support levels[/B]: 88.26; 87.72; 86.67; 85.59[/JUSTIFY] [/QUOTE]
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