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Aramco IPO Cancellation and Crude Oil Technical Overview 07-10-2018

Aramco IPO Cancellation and Crude Oil Technical Overview 07-10-2018

We saw a minor decline in Crude Oil prices after the cancellation of Aramco IPO, however, the recovery came earlier than the general expectations.

As we have written in our previous article, the US’s desire to put pressure on Iran before the November midterm elections (limiting Iranian oil’s access to the global market), limited US pipeline capacity of rock oil producers, supply disruptions in Venezuela and Canada, keeps the bullish trend alive.

Technically:

Crude is pricing at 74.21 as of writing. A minor resistance confirmed by MM 7/8. As seen in the chart, Crude Oil is testing the descending line and break above the line will accelerate the bullish move.

Targets of today: 74.98, 75.78 and 76.56 MM 2/8 extremely overshoot level.

Possible Pullback Levels to use as buying opportunities: 73.43 and 72.65.

Major Support: 72.12

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

CRUDE OIL:  Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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