US Oil has broken our near term support at $75.22 (yellow line), and looks to be breaking down to the $71 price zone as outlined in previous reports. Its hard to see this as a pullback in a bullish daily trend. Beyond any fundamental catalyst, we don’t see any case for price to regain the $81 area just now. Indicators aside, both 4-hour and weekly charts are unambiguously bearish.
Its Friday and so we are sidelined until after the weekend.
Stay sharp and good luck with your trading.
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