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Thursday, 30 June 2016

Crude Oil H4 Analysis Update









General overview for 30/06/2016:
(the previous analysis for this market can be seen here)

The corrective cycle in wave 2 might be considered done, but the market is currently too weak to break out above the golden trend line at the level of $50.  The internal corrective cycle is being expected currently, but it is still possible that further upside wave progression will develop soon. The confirmation of this scenario comes with the new high above the level of $51.67 done. Otherwise, the market will start to evolve into more complex and time-consuming corrective cycle.

Support/Resistance:
42.00 - WS3
43.00 - Technical Support
44.37 - WS2
45.70 - WS1
45.83 - Intraday Support
48.16 - Weekly Pivot
49.57 - WR1
50.58 - Intraday Resistance
51.67 - Local Top
51.95 - WR2

Trading recommendations:
As long as the level of 45.83 is not clearly violated, the traders should consider opening buy orders, especially during the market internal corrective cycles*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 

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