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More on Oil: Is Weakness the Start of a New Downleg, or a Correction in an Incomplete...

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Earlier today, in reaction to a larger than expected build in weekly supply, Oil pressed beneath its prior pullback low at $36.66 to $36.40, which is being tested as we speak. If violated, this could trigger additional weakness into my original, near-term, corrective target zone between $36.00 and $35.50, where I will be interested in entering a long position in United States Oil (USO) ahead of my expectation for another recovery upleg that projects to $41.00.

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