11/03/15 Light Crude Oil prices finds exhaustion at 48.49


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Light Crude Oil prices finds exhaustion at 48.49. Candles have broken below the major up trend line and the start of a bearish trend is expected in the long run. Current candles are undergoing retracement and we can expect the prices to fall in the weeks to come.

 

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Focusing on the H1 chart, candles are retracing and we can expect prices to touch the down trend line before a continuation of the bearish trend. However should candles break above the trend line, the nearest resistance lies at 49.32.

 

Trend Direction
 
S2
S1
R1
R2
 R3
Bearish 47.44 48.06 48.49 49.60  50.00    

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