Today Oil Technical Analysis

in trading •  2 months ago

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    Hello, this is lead from a faction pi July

    oil contract managed to settle above the

    50 EMA at 26 point 50 and continues its

    moved toward recent highs at $28 this

    level will likely serve as the first

    material resistance level for oil in

    case oil is able to settle above the $28

    level it will head towards the next

    resistance at $30 on the support side

    all has a material support level at the

    low end of the recent trading range near

    $25 if the support level is breached to

    the downside oil will head towards the

    20 ma at 22 points 80

    Oil manages to climb to higher levels as the IEA states that oil demand will decline by 8.6 million barrels per day in 2020.

    Have a nice day and good luck

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