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Oil Acts Exhausted on the Downside, as the Market Starts to Embrace the Potential for...

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    In the aftermath of this morning's EIA data, which showed a larger than expected build in Oil and Gasoline, prices shrugged off the negativity-- largely because last evening's API-data, oversupply shocker primed the pump, so to speak. After the EIA release, Oil climbed from $30.80 to $31.75 prior to receding to the $31.25 area as we speak. After two data releases indicating a still huge and growing excess supply problem, it is a bit remarkable that Oil remains north of $30.00, but also

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