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WTI Crude Oil Slips To Fresh Lows

Posted On 31 Mar 2020
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Oil prices are down over 6% on the day as price broke past the previous support of 22.00.

On an intraday basis, oil prices fell to lows of 19.85 before pulling back modestly.

The breached support area of 22.00 will now turn to resistance if price fails to breakout above the level.

This will open the downside bias with further declines likely. In the event that oil pulls above the 22.00 handle then we could see some short term correction.

About the Author
“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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