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Crude Oil Today Technical Report 30/03/2016

WTI traded lower on Tuesday, but triggered some buy orders near the 37.70 (S1) support line and then it rebounded. Nevertheless the rebound remained limited at the 38.80 (R1) line. Given that on the 23rd of March, the price fell below the upside support line taken from the low of the 24th of February, I would consider the short-term picture to be negative. I would expect the bears to regain control at some point and perhaps aim for another test near the 37.70 (S1) support zone. A clear dip below that line is likely to open the way for the next obstacle of 36.30 (S2). Our short-term oscillators support somewhat the notion. The RSI rebounded from near its 30 line, but turned down again, while the MACD stands below both its zero and trigger lines. As for the bigger picture, the break above 34.40, the upper bound of the sideways range WTI had been trading from the 12th of February until the 2nd of March, has turned the medium-term outlook positive in my opinion. Therefore, I would treat the short-term downtrend, or any extensions of it, as a corrective move for now.

OIL 30


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