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Crude Oil Technical Analysis

(92,67) CRUDE OIL formed yesterday a positive day reversal but only a daily closing above 93,34 will confirm a s/t bottom supporting higher levels. The indicators of the daily chart are well negative but still also well oversold and showing potential positive reversals. This could limit the downside risk but we could anyhow still see an extension toward the 90,40 area, the 61,8 % retracement of the move up 77,40 – 111,49! The indicators of the s/t charts are mixed supporting some consolidation. In the s/t only an hourly closing above 93,35 will confirm higher levels suggesting a move toward the 200 hours line at 94,13 but probably even higher. We expect the downside to be limited but wait for stronger signals before buying. By the way there is a reversed S_H_S formation with the neck line at 93,20!!
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Click here to read the full report: CRUDE OIL 05.22


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