US OIL
New forecast
The price of oil rose during previous trading to approach the 78.00 level, reinforcing expectations of a continuation of the downward trend, and the way is open to achieving our negative targets that start at 75.70 and extend to 73.80.
Therefore the downtrend scenario will be remain valid and effective ,moving average 50 support the proposed downward trend scenario, which is organized within the downward channel that appears in the chart, remembering that stability below the 78.64 level is important to achieve the proposed goals. so stabilized above 78.64 will postponed the bearish attempts.
The expected trading range for today is between support 75.70 and resistance 78.64 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 75.70 , 73.80
resistance line : 77.21 , 78.00
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