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Oil Analysis( key resistance at 49.65 )

Pivot: 49.65

Most Likely Scenario: Short positions below 49.65 with targets @ 46.8 & 46 in extension.

Alternative scenario: Above 49.65 look for further upside with 50.35 & 51.15 as targets.

Comment: As long as the resistance at 49.65 is not surpassed, the risk of the break below 46.8 remains high.

Oil Chart

 

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