Market Analysis of US CRUDE OIL on Tuesday 17 October 2023

2023-10-17 17:29Source:BtcDana

US CRUDE OIL TECHNICAL ANALYSIS SHORT TERM VIEW      

 US CRUDE OIL has strong resistance   83.74 to 85.70 levels and it can fall towards  towards 80 dollar  levels  without touch 87.30 level positionally.Overall trend is negative  and inner calculations made reversal so it can fall sharply below 80.60 level.Overall downside it can fall sharply below 65 dollar target as well also because it made double zigzag pattern at level 65 downside.

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The US working to ease sanctions on Venezuelan crude is a sign that the Biden administration is getting nervous with the outlook for global oil supplies, OANDA analyst Edward Moya said in a Monday note.

POC = Risk is a part of trading, use caution when placing orders and take market advice only into account.

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