Crude Oil managed to meet the target of 72.45 as projected last week and managed today to break below this support.
As we see on the chart, If prices remain the below 72.45, the downtrend pressure could sustain for another drop toward 67.70 and below.
A daily close above 72.45 could give a chance for a further rebound with resistance at 74.25 which in turn could re-activate the downward pressure.
Above 74.25, further advance will be expected with resistance around 78.25.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 70.60 | 72.45 Daily Close |
| LEVEL2 | 67.70 | 74.25 |
| LEVEL3 | 64.50 | 78.25 |
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The post Crude Oil – 05.08.2024 appeared first on Orbex Forex Trading Blog.
