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Oil: Confirmed Double Top But S/T Bearish Dynamics Likely

Oil prices have tumbled down and remained on the low ground. The recent negotiations between OPEC and non-OPEC members about an extension do little to alleviate the pressure. And what do technical levels tell us? The team at Barclays analyzes  the dynamics:

Here is their view, courtesy of eFXnews:

CitiFX Technical FX Strategy Research notes that Oil charts suggest that  there is a confirmed double top which targets a move to $46.50.

As such, Citi points to support at the 55 week moving average ($47.38) which is currently holding  but a weekly close below would suggest that a move down towards the $41.90-$42.58 area is possible.

However,  Citi views these  short-term bearish dynamics, to be corrective in nature  and maintains a positive bias on Oil over the next 18 months.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.