Oil pulling back to support for a home run?
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Oil is testing the long-term strong support 65 and a bounce from here is required for the upside continuation. A break below 60 is now required for a complete downside reversal and an invalidation of a long-term uptrend.
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On the weekly chart, we can see that the instrument is testing the recently formed channel support 63-65 zone. This zone must hold for an upside extension and an uptrend channel continuation. A break above 70 would lead to an upside test of 77 again.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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