OIL has accelerated
higher on Thursday, and more importantly it closed well above the upper
parallel trend-line of a base channel. Thats a very strong indication of an
impulsive recovery, becasue this break (circled) usually occurs in the middle
of a wave three of a five wave rally. As such, we have now turned bullish on
crude. If we are correct, then price will reach higher levels, possibly around
95.00 in this week, especially if we consider that pull-back from the top
already has signs of a corrective movement. Ideally thats wave iv) of an
impulsive uptrend. Support comes in around 91.50; at 38.2% Fibo level.
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