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Doha Bust? Now What for Oil?

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Post-Doha, Oil has declined about 5.5%, from above $40 into the $38 area, just above its Feb-Apr support line, which crosses the price axis in the vicinity of 37.50 today. Based on my pattern work, all of the action off of the Apr pullback low at $35.24 up to the Apr 13 new recovery high at $42.42, and now down to $37.50 in the aftermath of Doha, represents the initial thrust and correction of a still-incomplete, new post-Feb advance. Barring a sustained break of the Apr 5 low, I am expecting

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