Crude Oil reversal to the downside

Prices broke through support at the bottom of a rising channel carved out since early July to challenge the 38.2% Fibonacci retracement at 91.56. Continued selling below this boundary targets the 50% level at 88.83. The channel bottom – now at 94.54 – has been recast as resistance. A push back above that aims to challenge a falling trend line set from late February at 99.51

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