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Tuesday, July 12, 2011

Crude Oil - Important resistance to be tested

We are just about to test important resistance near 97.40 (purple circle). A clear break above 97.40 will raise odds that the alternate count is the right count, while a clear rejection from resistance at 97.40 will leave my preferred bearish count in place and call for a new test of support at 93.52 and a break below that support would confirm the bearish count.

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