Oil (F) 2018-07-12

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Crude Oil managed to fell below support 72.00-20 where market managed to head to test second support 70.00 before rebound correction hit the market as we explained earlier

Market now facing trading zone between 70.00 support and 72.00-20 resistance as we see over the chart

Above 72.20 a chance for farther advance toward 74.00 may hit the market

Below 70.00 a bigger drop wave may hit the market toward 64.00-50 zone

  Support Resistance
Level 1 70.00 72.00-20
Level 2 68.50 73.00
Level 3 67.00 74.00
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Rami Abu-Dra`a is a Chief Technical Analyst at Orbex and a holder of B.S Degree in Banking & Financial Science / Subsidiary Economic. Rami ‘s strategic vision of forex markets, enhanced by more than a decade of trading experience, allows him to efficiently mix fundamental and technical analyses, and find the best investment ideas for Orbex traders.

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Rami Abu-Dra`a is a Chief Technical Analyst at Orbex and a holder of B.S Degree in Banking & Financial Science / Subsidiary Economic. Rami ‘s strategic vision of forex markets, enhanced by more than a decade of trading experience, allows him to efficiently mix fundamental and technical analyses, and find the best investment ideas for Orbex traders.

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