Has Oil Hit Bottom? |
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Oil is well worth tracking because it has so much influence on both the Dow and the US Dollar (and therefore all the major currency pairs which cross it). Fundamentally, the case is much stronger for oil heading up over the longer term, but where is it likely headed in the nearer term? The daily chart for oil is beginning to trace a bullish divergence, and the weekly stochastics are showing signs of turning as well - all of this points to a potential bottom. 119.68 is a key level
Filed under: Technical
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