Oil (F) 2018-08-13

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We still holding our short Run prospective that as long as market holding below 72.20 a drop wave may target 64.00-50 zone

Market managed to head for farther drop after testing resistance 69.90 as we advised last week

Intraday Levels showing first resistance at 67.90  while another resistance laying for the downtrend line around 69.00-10, as long as market holding below one of those resistances the downtrend wave will sustain toward Short-run target 64.00-50

Above 69.90 more advance may have the chance where the main resistance laying at 71.65-72.20 zone

  Support Resistance
Level 1 66.15 67.90
Level 2 65.00 69.00-10
Level 3 64.00 69.90
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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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