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Crude Oil - Profit-Taking

Crude oil has increased sharply amid the OPEC meeting. The pair has set a new one year-high at 52.42. Expected to further consolidate. Expected to see continued some profit taking.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 (13/11/2002) while can now be found at resistance at 51.93 (19/10/2015 high).

Daily Technical Report

 

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