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Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.
The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.
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Friday end with a double top with her strong bear indecision candle which we will see a retracement in on Monday like a hydraulic and plunge further next week due to her double top formation.
Weekly also forms a double top formation which will pull the price lower.
Shell will be prosecuted for criminal charges relating to a $1.3 billion settlement for an oil exploration licence in Nigeria, and has also been summoned by prosecutors to face charges over chemical emissions and an explosion.
The Dutch Public Prosecutor’s Office (DPP) informed Shell it is nearing the conclusion of an investigation into the case and is preparing to prosecute the oil giant, the company said in a statement on its website Friday.
This prosecution will more or less drag the price lower this month.
Gold prices fell 1 percent to its lowest level since the end of January on Friday, and was headed for its biggest weekly fall in 6-1/2 months, as the dollar recovered and global stock advances spurred risk-taking.
Spot gold was $1,295.99 an ounce at 2:04 pm ET, having fallen below the key 1,300 level for the first time since Jan. 28. It is down about 2 percent so far this week, its biggest fall since the week ending Aug. 17.
Both the Daily and Weekly posted a bull reversal candle stick Friday. And both have their bull inverted to be service, since the weekly have touches her last support point. We will see perhaps a 50% retracement next week before she decide to go up further or correct more.
Monday will open lower and pick up during mid session.
Be back for more updates.
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