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Chart of the Day:
Oil Towrads $65
On the last day of trade for December option contracts we take a look at the near-term technical’s that are driving Crude Oil moment.
Currently, a Short impulse wave A looks to be developing, which may hit the 65 support zone over the coming days or weeks, especially as the long–term support line was taken out.
Daily chart trend: Mixed. Main price points: 65.00, and 81.95. Looking for: A Short wave A
The top of our Long wave 1) was built from a five wave move, (note- when a five wave move is complete, a corrective pull-back in the opposite direction is expected). We will look for a Long A-B-C pull-back, in the larger Short wave 2) over the coming days and weeks as long as the 81.95 top holds.
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