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Heading back up to retest the recent high 60.97 off resistance turned support at 60.28.

H4 chart;

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Ah, lost this mornings post, US Oil gets a clean bounce up off 60 on the second attempt.

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Strong push down through 60 following a test of the recent high yesterday, now at 59.60 having found support at 59.27, RSI has dipped below 50 and the support level doesn't look too strong, may look lower.

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two equal channels. Big down move today, I'm not short ( I don't short oil ) but would like to see price fall to $55.00

Capture channels.PNG

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Yes a big move down sending RSI into oversold (doesn't mean buy) with support found at 57.16 and is back in a small consolidation range from early July, stronger support further down at 56 but may pause here before testing higher or lower.

H4 chart;

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US Oil tries to bounce up off 56.34 overnight, stronger support just below at 56.08. As gold traders Oil will be watching the indices closely for direction.

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On ‎16‎/‎07‎/‎2019 at 21:31, elle said:

two equal channels. Big down move today, I'm not short ( I don't short oil ) but would like to see price fall to $55.00

Capture channels.PNG

DONE !!!!!!

Capture 55.PNG

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Gets a bounce up off 55, now uncertain of direction, may pause here.

Daily chart;

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On ‎10‎/‎07‎/‎2019 at 18:23, elle said:

 

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$55 was the target

Capture aug cl.PNG

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US Oil capped at resistance 56.47, key support below at 55, looks trapped waiting for the Indices to make a break.

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Still hanging around 56 looking due to test 57 again.

H4 chart;

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US Oil retested 57.43 and holding just below overnight. May try to break higher if US indices go up.

H4;

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US Oil retreated yesterday on news SA and one of the other ME countries were opening the taps, 56.10, support just below at 55.

Daily chart;

image.thumb.png.eea7aa4202b1e43fc26d77154c2fdc33.png

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Investing.com on a 25 BP cut today might affect US Oil and Brent.

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Looks to have found support around 57.63 and has recent high resistance at 58.82, currently paused around 57.80 to see which way the wind will blow.

H4 chart;

image.thumb.png.c3e072f19661a4fc04f7a593901c75e3.png

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    Peterdeu
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    • With the breakout of GBPUSD (would like to see a daily close above support there and ideally a breakout through the daily channel line) and EURUSD making up its mind about whether to breakout or not I look at the third pair in the Triad for clues.  My thesis is that when both of these markets rally it will be on USD weakness rather than intrinsic strength in either one BUT as GBP has been more depressed of later and with so much negativity around about GBP vs EUR the spring back relief rally will be stronger on GBP.  If right we should see EURGBP turn and drop fast and hard and continue to do so for at least as long as the primary pairs rally lasts. And that is what we have seen so far with what looks like an exhaustion overshoot of my daily chart channel line and drop back inside.  A drop away from this area is confirmatory of an exhaustion spike, and that is what we got.  There followed a small 1-2 retrace, relief rally, which retested the channel line but failed to break back though, and another small 1-2 before a short term channel (1H chart) break and failed retest and then we were off to the races. Recently there has been a consolidation in what could be a small pennant of another 1-2, probably the latter and then a fast break down from this formation to where we are now, testing the lower daily chart channel.  If I am right about a period of USD weakness then I would expect EUR to join the party soon and so we may see a relief rally off the daily channel lower line before a confirmed break. Worth watching the Triad to see how things progress over the coming days and during the Jackson hole panto.
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