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MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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Crude Oil - Bearish Bias

Crude oil's short-term move is bearish. The upward momentum has faded. Hourly support at 47.75 (01/06/2016 low) has been broken while hourly resistance can be found at 51.67 (09/06/2016 high). Expected to go way lower as support at 47.75 has been broken.

In the long-term, crude oil is now recovering from its sharp decline and the signs of recovery are now strong. Strong support lies at 24.82 (13/11/2002) while strong resistance at 50.96 (09/10/2015 high)has been broken. Crude oil is holding way above its 200-Day Moving Average. Expected to reach 60 before year-end.

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