Oil prices are sideways within a narrow range

The chart shows that oil prices are still limited by MA-25 for more than three weeks. It is currently at 61.90, and the bottom is key at 57.20 US dollars. Given that the RSI and the stochastic index are still down, there is a greater chance of a slight downward trend. If the market outlook falls below the above support is expected to see selling pressure in the short-term. Larger resistance is expected to be 65 and 66.40 US dollars. As for the downward larger support level, the 100-day average is estimated at 54.15 and 51.40 US dollars.

Estimated volatility:
Resistance 61.90 – 65.00 – 66.40
Support 57.20 – 54.15 – 51.40

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