Crude oil continued with its downward movement and lost 0.76$ to close at 97.62$. Currently, oil has registered a lower high and lower low indicating that the downward trend is likely to continue. If the decline continues, the initial target will be at the 100-DMA standing at 96.08$, while the upside will be capped around 99.5$. Moreover, the MACD and the Stochastic Oscillator are heading downwards suggesting a lower price movement in the near term.I suggest investors to stay sellers on the higher side, keeping stoploss above yesterday’s high of 99.47$. The support and resistance are present at 96.87$ and 98.65$, respectively.
By
M.Zohaib Gadit
Forex Trading Consultant
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