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Oil Bears’ Attack and Its Implications
In yesterday’s article on black gold, you could read the following: (…) the price of light crude tested the strength of the barrier of $80, hitting an intraday high of $80.85. Despite this improvement, the buyers didn’t manage to hold gained levels, which caused a pullback that took the commodity below this psychologically important level. As a result, a prolonged upper shadow appeared on the chart, signaling, that the bears might be more active in this area (despite the loss of very valuable allies mentioned above). Are there any technical factors left on their side? Yes. Firstly, the sell signal generated by ... (full story)