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Heading back up to retest the recent high 60.97 off resistance turned support at 60.28.

H4 chart;

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Ah, lost this mornings post, US Oil gets a clean bounce up off 60 on the second attempt.

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Strong push down through 60 following a test of the recent high yesterday, now at 59.60 having found support at 59.27, RSI has dipped below 50 and the support level doesn't look too strong, may look lower.

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two equal channels. Big down move today, I'm not short ( I don't short oil ) but would like to see price fall to $55.00

Capture channels.PNG

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Yes a big move down sending RSI into oversold (doesn't mean buy) with support found at 57.16 and is back in a small consolidation range from early July, stronger support further down at 56 but may pause here before testing higher or lower.

H4 chart;

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US Oil tries to bounce up off 56.34 overnight, stronger support just below at 56.08. As gold traders Oil will be watching the indices closely for direction.

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On ‎16‎/‎07‎/‎2019 at 21:31, elle said:

two equal channels. Big down move today, I'm not short ( I don't short oil ) but would like to see price fall to $55.00

Capture channels.PNG

DONE !!!!!!

Capture 55.PNG

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Gets a bounce up off 55, now uncertain of direction, may pause here.

Daily chart;

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On ‎10‎/‎07‎/‎2019 at 18:23, elle said:

 

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$55 was the target

Capture aug cl.PNG

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US Oil capped at resistance 56.47, key support below at 55, looks trapped waiting for the Indices to make a break.

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Still hanging around 56 looking due to test 57 again.

H4 chart;

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US Oil retested 57.43 and holding just below overnight. May try to break higher if US indices go up.

H4;

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US Oil retreated yesterday on news SA and one of the other ME countries were opening the taps, 56.10, support just below at 55.

Daily chart;

image.thumb.png.eea7aa4202b1e43fc26d77154c2fdc33.png

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Investing.com on a 25 BP cut today might affect US Oil and Brent.

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Looks to have found support around 57.63 and has recent high resistance at 58.82, currently paused around 57.80 to see which way the wind will blow.

H4 chart;

image.thumb.png.c3e072f19661a4fc04f7a593901c75e3.png

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    • Thank you JamesIG for your explanation of how IG determine their price charts. "This means there will always be a discrepancy with the highly publicized index price" ... Yes that is also noted but your company "interpretation" has the low 9 days before the other outlets. However you want to spin (explain) it. That makes it incredibly difficult to ascertain what a real low is.....is it the one you show or the one the others show? It also, at least to me, appears that best practise would be served if the resulting price chart reflects the index it purports to follow/promote. EWT users ( I follow a US analyst) will know the frustration. His DOW chart shows a different low....and therefore a different count. Tongue in cheek.....so when was the recent low in the past two weeks?
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