WTI Oil breaks below 200SMA on fresh weakness, ahead of Doha meeting

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    WTI Crude Oil (May) Crude Oil is at the back foot, ahead of Sunday’s oil producers meeting in Doha, Qatar, where the main theme will be oil production freeze, which is needed to boost the price for further bounce from multi-year lows. Repeated rejection under key 42.47 barrier was followed by bearish acceleration, which approaches psychological 40.00 support, after losing pivotal support at 40.78 (200SMA). This gives initial signal of an end of two-day sideways trading, shaped in double-Doji

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