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So Far, Saudi Jawboning of Crude Oil is Adding Buoyancy to Prices, and Keeping the Shorts...

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After the Saudi announcement early this morning, which propelled oil from around $40.60 to a spike high at $42.75, crude pulled back to $41.09. However, it has since climbed again above $42.00 towards a test of the post-Saudi intraday high, which if hurdled and sustained, should trigger another round of short covering that points into the $44.00-$45.00 target zone.

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