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US oil futures descend towards 50-DMA

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US oil futures opened lower on Monday to extend their losses to a ninth straight day. Oil has been heading lower since peaking at 42.47 on March 18, which was a 54% rally from the January low of 27.54. Prices have fallen below the 38.2% Fibonacci retracement level of the January-March upleg and the next support level is likely to come at the 50% Fibonacci level at 35.0. This is also where the 50-day moving average is converging. A break below this level would strengthen the downside pressure

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