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Oil Short Peak Week Ahead

Short
NYMEX:CL1!   Light Crude Oil Futures
The trend is overextended and comparable to previous peaks for oil . Great short opportunity, bullish ambitions for $100 are not going to be realized. It’s possible that we see a fake out continuation to $85 but by the end of the week that will only lead to a bearish engulfing on the weekly, closing under previous week’s low. This setup has a chance for extended downwards pressure as a break of this trendline could lead to a substantial fall with strongest support range between $40-$50