romanreyhani

Oil hanging on for dear life

Short
NYMEX:CL1!   Light Crude Oil Futures
wti
Crude futures broke to the multi-year trend line near $48 per barrel. It hasn't been able to stage a recovery yet. Some bullish support is propping it up near the 200dma. The candle patterns suggest buyers are waiting in the wings. However, If the 200dma is cleared and it holds below, expect a swift move to $45 and then $43 support.

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