Forex News Charts of Nymex August crude oil futures suggests price could retrace to $124.44/bbl (10-day moving average), says OSK's technical anlyst Shin Kao Jack. This after 3-day losing streak with crude oil price closing below $130.30/bbl (50-day moving average), he says. "The immediate technical outlook for crude oil futures has shifted to a bearish one after the technical breakdown. We are now eyeing the 100-day moving average line as the downside target ($121.44). Additional support is seen at the $110.15," he says. Resistance pegged at $130.30, followed by $140 and $147.27. August crude last at $130.16/bbl.
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