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Chart of the day: Crude Oil

The Crude Oil market hit the 161% Fibonacci Extension of the April highs to lows near the $40 level. We should also note we are just slightly above the 50% retracement of the 2020 highs to lows as well. Today we left a spinning top candlestick, and tomorrow if the market is lower it will be an evening star reversal formation as well. The risk is high since the RSI is divergent and overbought. Bulls are officially on notice! 

Author

Blake Morrow

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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