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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 - Short-Term Demand Increase

Crude oil has finally escaped resistance area around 53/53.50 03/01/2017 high). The black commodity needs to break resistance at 55.24 (03/01/2017 high) to confirm deeper buying pressures. On top of that, the technical structure suggests a near term correction to 49.61 (08/12/2016) in case support at 50.71 (10/01/2017 low) is broken.

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 resistance can now be found at 55.24 (03/01/2017 high).

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