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myfye13

Oil possibly heading to $62.50

Short
CFDs on WTI Crude Oil (TVC:USOIL)  
myfye13 Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Support and Resistance Parallel Channel Crude Oil WTI Oil WTI short shorttermsell
4
0
trendanalysis supportandresistance parallelchannel usoil oil wti short shorttermsell
USOIL has retraced back to a previous channel which is now acting as resistance. The bold line is my initial opinion, where the fact that USOIL recently broke a major trend line (blue line) and the channel resistance will send the stock down to $62.50 before we get any real support.

If oil does break through the channel resistance it could retrace back to the blue trend line before heading lower.
Comment:
After retracing back up looks like we have a continuation of the downtrend...
Comment:
That is if oil closes down big today

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