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Oil settles slightly lower

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - West Texas Intermediate crude oil prices recovered slightly from a low of $41.23 a barrel but closed Thursday with mild losses at $41.72 as lingering concerns over global supply glut continue to weigh on prices, despite broad weakness in the US dollar, which makes oil and other commodities denominated in the greenback more affordable for holder of other currencies.

    WTI technical perspective

    In the daily chart, technical indicators are heading lower near oversold territory, whilst price action continues to develop below a bearish 20 SMA, favoring the downside. Shorter term, the 4 hours chart shows indicators are hovering around their-midlines, suggesting some consolidation ahead.

    Support levels: 40.10 39.20 38.50 Resistance levels: 41.96 42.50 43.10
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