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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 - A New Bearish Momentum Is Arising

Crude oil's bullish momentum has ended as the pair is slowly heading lower. For the time being, hourly resistance can be found at 48.75 (19/08/2016 high). The break of hourly support given at 45.84 (17/08/2016 low) confirms a deeper bearish move. Time to reload bearish position.

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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