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Tuesday, December 17, 2013

Crude Oil - Is renewed downside pressure is imminent?

Crude Oil:

With the break below 96.31 we had the indication needed to say, that the final wave 5 of C decline is developing.

Short term expect resistance in the 98.00 - 98.20 zone will protect the upside for a clear break below 97.06 and more importantly a break below 96.22 confirming the next decline towards at least 94.03.
Only an unexpected break above 98.72 will delay the downside pressure.

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