Oil looks set to drop further.
Oil recently broke out of it's price range it had been trading in since May. When it broke out we saw a major price drop shortly after went straight back into consolidation. However now the price has once again bearishly broken out of its range and i can see another decline back to it's recent lows at the start of this year. A close back above resistance 50.57 would see this trade void and we would most likely see price become range bound again.
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