Crude Oil Slips Below Technical Resistance

WTI crude oil prices were a tad weaker on Friday.

The commodity fell below the 33.66 level which has played a key role so far. If oil prices fail to settle above this level in the coming days, we could expect to see some corrections.

This will most likely occur amid profit-taking and the strong rally in crude oil which has not seen any pullbacks.

The key support level to the downside is 27.95. However, this can only be confirmed if oil prices can close below the current higher lows at 30.72.

To the upside, there is still scope for a rally, but prices will have to break out convincingly above 33.66 to confirm this view.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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