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Oil weighed down by record daily virus cases – US OIL Market Outlook – 17/07/2020


WTI crude oil fails yet again to breach the $41 resistance level as it hit our short entry support target at $40.5 weighed down by record daily virus cases as the US registered 77,000 new cases in the past 24 hours with Texas and Arizona hardest hit. Bearish momentum is picking favoring a breach of our support at $40.5 with the 200 period SMA and $40 as next support targets.

Support: 40.50 / 40 / 39.27
Resistance: 41 / 41.50

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-weighed-down-by-record-daily-virus-cases-us-oil-market-outlook-17-07-2020
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