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Oil inventory build exacerbates selling pressure atop a 60% upmove

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The weekly Inventory Report showed a huge build in supply, which has renewed pressure on oil prices atop its 61% Feb-Mar recovery rally. Since yesterday's high at $41.90, Oil has rolled over from near the upper-boundary channel line just above $42.00, into a traverse of the width of the channel. Oil has traversed about half of the channel so far, and if it presses towards a full-fledged test of the lower-channel boundary, then $38.50 is the next optimal target.

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