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

Oil | Set to Break its Consolidation?

Published: 26.05.2023
by Joseph Jeffriess

Today’s focus: Oil

Pattern – Ascending Triangle

Possible targets – Downside 69.73, Upside 76.50

Support – 71.49

Resistance – 74.05

Hi traders, Today, our focus is on oil, following a rapid decline yesterday that halted a three-day period of gains. Will this downturn initiate a significant shift, breaking free from the current ascending triangle pattern? Sellers face some resistance that needs to be overcome, and if they succeed, it might result in the price remaining range-bound until it surpasses the level of 74.05.

We will be watching to see if yesterday’s selling was more than one session and if the price could be set to make a new move lower.

Oil Analysis Video

Thanks for stopping by. Good trading, and have a great day.

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