Oil (F) 2018-07-23

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As we advised in the last 2 weeks and after Crude Oil broke below support 72.00-20

We still holding same view for the Oil that as long as market holding trades below 72.00-20 a bigger drop wave will be expected toward 64.00-50 zone

Above 72.20 more advance toward 74.00 may hit the market

Intraday Levels showing resistance at 69.25 where as long as market holding below another drop toward 67.00 is expected

Above 69.30 a chance for more rebound toward 70.70-71.00 zone may hit the market before the downtrend view back on market again

  Support Resistance
Level 1 67.50 69.25
Level 2 66.30 70.70
Level 3 64.50 71.70
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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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