Crude Oil towards a demand zone [Video]
|US Oil is trading in the red at 70.85 at the time of writing. In the short term, it seems undecided, that’s why we have to wait for new opportunities. After its strong rally, a minor retreat is natural as the rate could test and retest the immediate support levels. Fundamentally, the Canadian Retail Sales and Core Retail Sales came in better than expected, so Crude Oil could try to develop a new bullish movement.
Technically, the rate failed to stay below the medinan line (ml) signaling strong upside pressure. Testing and retesting this dynamic support, registering only false breakdowns may announce a new bullish momentum.
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