Tickmill
Short

BCOUSD approaching resistance, potential drop!

OANDA:BCOUSD   Brent Crude Oil
BCOUSD is approaching our first resistance at 72.09 (horizontal swing high resistance, 100%, 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 70.70 (61.8% Fibonacci extension , 23.6% Fibonacci retracement , Horizontal swing low support).
Stochastic is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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