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Oil Market Analysis

Crude Oil (NYMEX) (F5) Intraday: capped by a negative trend line.

Pivot: 58

Most Likely Scenario: Short positions below 58 with targets @ 53.5 & 52 in extension.

Alternative scenario: Above 58 look for further upside with 59.6 & 61.1 as targets.

Comment: As long as 58 is resistance, likely decline to 53.5.

Oil Chart

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