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Oil reverses on rumors from China
In today’s technical piece we bring you Oil, which yesterday made the new long-term lows but today, the price is very close to a major buy signal. It may seem weird but let me explain to you how we came to this conclusion. Yesterday’s drop on WTI managed to break through the lows from September and November and came close to establishing new yearly lows, which were originally set in January. Luckily for the buyers, the help came from Asia where some interesting rumors appeared. Rumors about a possible ending of the zero Covid policy. This of course is positive information for Oil as China is the second largest ... (full story)