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76.09% of retail investor accounts lose money when trading CFDs with this provider.

Crude Realities | Analyzing Oil’s Trend Amidst Market Shifts | OIL

Published: 06.02.2024
by Joseph Jeffriess

Hello traders, thank you for joining us for today’s update. Let’s focus on Oil. Despite a robust three-day drop, buyers have shown resilience around the 71.80 mark. However, the question remains: Can this support sustain the ongoing uptrend? If we observe a break below yesterday’s bar coupled with a trend reversal, it might indicate that the downward momentum could extend further.

Today’s focus: Oil

Pattern – Support Hold
Support – 71.80
Resistance – 78.80

We have reviewed a few scenarios we are looking for, depending on what we see today.

Good trading.

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