The Oil-forecast for today: USCrude analysis

Within the correction to the STM upward trend, oil broke through support at 65.66-65.53. The value then reached the trend-line at 64.34-64.07. After testing the trend curve, oil prices kickbacked and tested opposing at 65.57-65.44. The resistance was held, and as a result we observe now the declining of the quotes.

Today, the support-level of 64.89 was broken through. We can assume that the price will sink further and update yesterday's inferior limit. In case the low is updated, the credibility of trend changes to descending will run high.

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William Hunter

William Hunter 27 years old Born in London. Married with a child. Graduated in 2017 from the University of Cambridge, Economics course. Currently lives in Liverpool and works at the Bank of Liverpool.

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