WTI Crude Oil Back At Support

Oil prices gradually declined to fall back to the support area near the 22.00 handle.

This marks a third attempt in the commodity near this level. So far, prices are holding up steadily.

However, the bearish price action on the daily chart suggests that there is scope for further downside.

At the moment, however, the divergence on the Stochastics suggests the likelihood of a possible rebound.

The level near 28.00 will be the immediate target for the moment. To the downside, the psychological level of 20.00 could be the next target.

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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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