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Crude Oil: Top Is Near; Get Ready For Bearish Reversal!


Aug 08 2012

Oil hit a new high as expected, testing 94.80 area, where wave v) of (v) may find a peak. Notice that RSI is now showing double divergence compared to a price, so weakness really could be in the cards. But again, thats against the trend, dont chase it! We are just observing the price action and still need to see impulsive fall through 92.76 and 91.72 to make sure that bulls are done.

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