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Crude oil price approaches the second target – Analysis - 17-08-2021
Crude oil price achieved additional decline yesterday to approach our second target at 65.20, and returned to fluctuate around 67.45, noticing that the EMA50 continues to press negatively on the price, while stochastic loses its positive momentum clearly.
Therefore, these factors encourage us to suggest the bearish trend for the upcoming period, organized inside the bearish channel that appears on the chart, noting that the continuation of the bearish wave requires holding below 67.45 and 68.40 levels.
The expected trading range for today is between 65.20 support and 68.40 resistance.
The expected trend for today: Bearish
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