Oil (F) 2018-07-13

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Crude Oil managed to hit below 70.00 support which may be the first sign of a new downtrend wave

As we see over the chart this scenario ecpecting that one of tow resistences may push the oil toward big drop correction toward 64.00-50 zone

Above 72.20 more advance may hit the market toward 74.00 zone

  Support Resistance
Level 1 69.80 71.20
Level 2 69.20 72.00-20
Level 3 68.00 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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