Oil Pivot Point

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Oil Pivot Point

Crude Oil (NYMEX) (J5) Intraday: capped by a negative trend line

Pivot: 49

Most Likely Scenario: Short positions below 49 with targets @ 47.3 & 46.4 in extension.

Alternative scenario: Above 49 look for further upside with 49.85 & 50.6 as targets.

Comment: As long as 49 is resistance, likely decline to 47.3.

Oil Chart

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