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Crude oil price suffers more losses – Analysis - 17-11-2023
Crude oil price ended yesterday below 73.73, to add more confirmation to the continuation of the bearish trend in the upcoming sessions, organized inside the bearish channel that its next target located at 71.65, noting that breaking this level will put the price under additional negative pressure to target 67.04 areas on the near-term basis.
Therefore, we will continue to suggest the bearish trend on the intraday and short-term basis, noting that breaching 73.73 will stop the current negative pressure and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 71.50 support and 74.50 resistance.
The expected trend for today: Bearish
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