Notice how the 1W MA200 has been providing Support since mid January 2019, making this a full year of Support for Oil . This is a strong indication that buyers are accumulating periodically here. The same sequence is spotted in 2016/2017 with the 1W MA50 providing this time Support for 1 full year. The pattern is quite similar.
Based on the above we've set a medium term Target at 63.50 and a long term at 69.00.
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