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Crude Oil Back To Bullish Mode; Price Will Revist $110.50

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March 19 2012

Oil reached new lows, around 103.70 in the past week, from where a sharp reversal occurred. Notice that on Friday price moved decisively through the corrective channel resistance line and also slightly below wave (b) termination level, which was a triangle. These are all indications for an uptrend continuation for days and weeks ahead, towards 110.50 area.

Short-term critical support is now at 103.70.





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