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Can Crude Oil go Lower?

Mar 3, 2020 (10:34)

by Constantinos Loizou

As we can observe on the Crude Oil daily chart, the price after peaked on 8th of January, at the price of 65.65, it moved to the downside and created a downward trading channel
Price bottomed yesterday at the price of 43.32 and it reacted to the upside
Now the price is at 47.75 slightly below the previous inside resistance level and the 23.6% Fibonacci Retracement level (From 65.65 to 43.32)
Price is below its 20 Days Moving Average
Momentum is bearish, since Rate of Change (6 periods) and MACD are both below 0
Therefore, If the price reacts to Inside Resistance level, we may see the price move lower at the previous low at 43.32 or even lower at 41.91, which consists the 161.8% Fibonacci Extension level (From 50.99 to 65.69)

Price now : 47.75

Target 1 : 43.32

Target 2: 41.91

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