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Wednesday, May 09, 2018 8:11:32 PM
By: MPTrader | May 9, 2018
Crude Oil-- from a longer term perspective is bumping up against resistance in the vicinity of $71-$72. If there is no downside reversal from in and around current levels, amid a glaring non-confirmation of recent strength from $63 to $71.29, then we should consider that Oil is poised for a vertical assault-- an upside blow-off type of move-- that will conclude its Feb. 2016 recovery rally period. Such a scenario will point Oil towards a confrontation with its 10 year down trendline, which currently cuts across the price axis in the vicinity of $78.00.
Only a break below $68.00 will begin to compromise the upside blow-off scenario... MJP
5 09 18 Weekly Oil Noon GIF
https://www.mptrader.com/middaymarkets/
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