Crude Oil rallied in the short term and now is trading at 68.86 at the time of writing. After its strong drop, a rebound was natural. It could try to test and retest the immediate resistance levels before going down as the bias remains bearish. Fundamentally, the Canadian CPI reported at 0.4% less versus the 0.5% growth expected and compared to the 0.5% growth in the previous reporting period.
Technically, the US Oil increased within an up channel pattern in the short term and now is almost to hit the 69.61 former high which represents an upside obstacle. Testing and retesting this level and registering false breakouts may announce that the leg higher could be over.
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