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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 - Monitoring Strong Resistance Area

Crude oil is heading towards resistance at 54.32 (06/01/2017 high) despite some consolidation. Yet, a correction in the near-term towards 49.61 (08/12/2016) is possible in case support at 50.71 (10/01/2017 low) is broken. The black commodity needs to push higher to confirm deeper buying pressures.

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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