Oil coming under pressure, especially over the last two days. Having properly broken the 50 Day Moving average, this move is bearish enough to assume a test of "new" support at around $99.00/$100.00 per barrel. Momentum indicators are all looking extremely weak and tired so not only does this signal some relief for consumers, but also a great opportunity to profit $9.00 per barrel on a short contract. I'd be looking to short any bounce above $112.00
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.