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From : Commodities Daily Hotline: 11 February 2016
Chart of the day: Crude renews downtrend

 

The recovery from the January oversold low by the Crude Oil instrument has now been entirely retraced with the price falling to a new contract low on Thursday.  That action, through 27.56, triggered the opening of a short trade (see yesterday's hotline).  The stop is placed over downtrend resistance at the 50-day Moving Average, at 38.






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