Thu, Mar 23, 2023 @ 02:38 GMT
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Crude Oil – Retains Its Recovery Tone

CRUDE OIL – The commodity took back its Wednesday losses to close higher on Thursday. On the downside, support resides at the 51.00 level where a break will expose the 50.00 level. A cut through here will set the stage for a run at the 49.00 level. Further down, support resides at the 48.00 level. On the upside, resistance resides at the 52.00 level. Further out, resistance comes in at the 53.00 level. A break above here will aim at the 54.00 level and then the 55.00 level followed by the 56.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, CRUDE OIL remains biased to the upside short term.

Mohammed Isah is a co-founder, technical strategist and head of research at He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining

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