Inventories Continue to Weight on Oil Prices, But Likely Not On the Fed's Decision

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    After another weekly build in Oil Inventories, reported this morning, Oil has pressed lower off of yesterday's recovery high at $37.88 to $35.85 so far today. As mentioned in yesterday's chart post, the pattern carved out off of the Dec 14 multi-year low at $34.53, exhibited unimpressive counter-trend form, which suggested strongly that another loop down to revisit the $34.53 low was more likely than a challenge of key resistance at $39.00-$40.00. Such a scenario appears to be unfolding, which

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