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Analysis | Commodity Technical Analysis | Written by ICN.com | Tue May 22 12 02:43 ET

The commodity managed to trade back above 92.75, meanwhile stochastic has completed a bullish crossover and +D crossed above -D on ADX indicator. In addition to that, price settled above the 20 and 50 exponential moving averages and broke above the descending channel, thus further bullishness is expected , and requires steady trading above 91.80.

The trading range for today is expected among the major support at 90.20 and the major resistance at 95.70.

The short-trend trend is to the downside with steady trading below 106.40, targeting 90.20.

Support: 93.00, 92.75, 92.20, 91.80, 91.05
Resistance: 93.80, 94.10, 94.80, 95.45, 95.70

Recommendation Based on the charts and explanations above our opinion is buying crude around 93.10 and take profit at 93.80, 94.80 and 95.70. Stop loss with 4-hour closing below 91.80 might be appropriate.


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