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Crude Oil Pivot Point

Pivot: 53.1

Most Likely Scenario: Short positions below 53.1 with targets @ 49.8 & 48.2 in extension.

Alternative scenario: Above 53.1 look for further upside with 54.1 & 55.7 as targets.

Comment: As long as 53.1 is resistance, look for choppy price action with a bearish bias.

Oil Chart

Oil Chart

Source: fxpro broker

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