Crude oil has rebounded nicely from last Tuesday’s multi-year low of $76. The daily trend is neutral around current levels. Both scenarios are equally probable: a drop down to $76 or lower in the next few days or a climb up to yhe 80-82 price range that prevailed during the second half October. To sum up, I would avoid big commitments in the crude oil market right now.
Crude Oil chart, 5-hour candlechart:
Chart courtesy of investing.com. http://investing.com
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