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RealMacro

US OIL Resistance Area

Short
CFDs on Crude Oil (WTI) (FX:USOIL)  
RealMacro Updated   
FX:USOIL   CFDs on Crude Oil (WTI)
Trend Analysis Chart Patterns Fundamental Analysis Crude Oil WTI
10
2
trendanalysis chartpattern fundamental usoil
US OIL is coming into multiple resistance area. Not only is demand not there to support prices (Airlines, working from home as examples)
Higher rates, stronger dollar, & pre covid price benchmark with 3.4% unemployment
do not support rational price levels. Key word RATIONAL. I remain bearish in oil.
Comment:
OIL breaking down looking good for the short posted. Risk reward paid off.
I am sorry to PEAK OIL it's going to $100 crowd.
Comment:
After completing an ABC wave up into resistance OIL has struggled against long-term resistance.
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