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Technical analysis: WTI crude oil faces downward pressure on July 10

by Holly

July 10th, Economies analysts’ latest opinion today: WTI crude oil prices encountered resistance at 73.80 and were negatively affected by stochastic indicators, which may push prices back down and start to build a short-term downward band. Now, we are more inclined to stay on the sidelines until we get clearer trend signals.

It is worth noting that a break of 73.80 will push the price to continue to rise, and the next target is 76.10; while a break of the 72.60 support will push the price to test the key support level of 71.55 before any new upward attempts.

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Today’s trading range is expected to be between 71.70-75.00.

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