Oil corrects lower in a medium-term uptrend. The first support level [55.86 – 55.43] has been broken in a correction. A test of the second support key level at [54.06 – 53.66] may be the correction target. Once the price has reached Target Zone, search for long positions according to the pattern with a target at this week’s high and in Target Zone 2 [59.83 – 59.43].
Oil’s short-term trend has turned to a downtrend because the key support at [56.06 – 55.86] was broken yesterday and the US session closed lower. Look for short positions with a target…
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