Forex Trading Library

Crude Oil – 08.07.2024

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Crude Oil failed for the second time to obtain a daily close above the resistance 83.60, while maintaining prices below the downtrend line as we see on the chart.

This action could lead to a correction with supports starting at the 80.00 levels. This could push for another advance to break above 83.60.

Below 80.00, more of a drop toward 77.50 will be expected with the main support at around the 76.00-50 zone.

A daily close above 83.60 could activate a further advance toward 87.20.

SUPPORT RESISTANCE
LEVEL1 81.60 83.60
LEVEL2 80.00 85.50
LEVEL3 77.50 87.20

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