This article was posted on Thursday, 16:31, UTC.
Oil: Short-Term Sell (Update)
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WTI Crude Oil Futures, 4-Hour Chart Analysis
The quick dip lower below crucial support today, following the failed rally above the $50 level yesterday, justifies the lowering of the initial stop-loss level. Yesterday’s highs serve as an optimal resistance just above $50 for the new level.
The re-test of the $47.10 is increasingly likely, as the bearish momentum remains strong. A possible break below the $47 level could open up the road to the crucial $44 support, as the growing US production numbers, and the questionable OPEC-cut extension continues to weigh heavily on the commodity.
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Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.