From Mike Paulenoff at The Market Oracle....
My pattern work in nearby crude oil argues for more weakness after this little bounce off of the $58.00 area (into the $62.50-$63.00 area max). If weakness resumes as anticipated, then oil should head for new reaction lows in the $55-$53 target zone to complete the first down leg in the aftermath of the recovery rally from the January low at $32.70 to the June high at $73.23. Let’s notice that both the weekly momentum (relative strength) and weekly stochastics.....Complete Story
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