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Oil Tests a Major Support Again
Oil is still struggling to climb higher, despite the fact that, in general, commodities are doing fine. That’s largely due to a weaker USD. Brent oil is currently testing a very important horizontal support, which has held its price from dropping since the end of October. Let’s start at the very beginning. Between June and the beginning of October, brent oil has been going down inside a very handsome channel down formation (green). On October 5th, the price escaped the channel down to the upside, giving buyers hope. Despite an interesting technical situation, buyers were really struggling. The price couldn’t ... (full story)