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FX.co ★ Forecast of Crude oil for August 01, 2014

Forecast of Crude oil for August 01, 2014

Forecast of Crude oil for August 01, 2014

The oil prices pushed to a 4-month low. The prices made a low at 97.64 near the strong support zone. The price has support at 97.35 (March 17, low). The price made a minor double bottom at 97.64. As of now, in today's Asian session, the price held the previous day low and trading at 98. We recommend selling only below 97 levels, which is a last hope for the bulls in the short term.

Bearish views-

Trading far below the 50DSma

In yesterday's session, the pair hit and closed below the 200DEma and 200DSma.

Positive factors

Last hope at 50WSma 97.10-97

In the daily chart, daily momentum oscillators are indicating an oversold level.

Fresh selling is below 97 for 96.60, 96.25 and 96

Resistance 99 99.60

Risky trades can buy with sl 97

Intraday cmp 98

Forecast of Crude oil for August 01, 2014

The prices are close below the hourly moving averages. The extremely oversold levels in the H4 oscillators are helping the price to push a bit higher. The price has resistance at 12ema (99), 21HrSma100, 34HrSma (100.60). On the lower side, if the price hits the previous day low of 97.66, it can extend its fall up to the nearest strong support at 97.35-97.10-97 levels.

Positional - buy with sl 97 on a closing basis.

Intraday- risky - buy with sl 97.60 or sell below 97.60.

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