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Brent Crude Oil Technical Analysis
Brent markets, of course, are in the same situation in so much as trying to find a floor right now. I don’t know that we are quite there yet, but we are getting closer. And with that being the case, you have to assume that sooner or later, somebody has to make a bigger decision.
Ultimately, I like the idea of Brent going higher, but right now we just don’t have the necessary upward momentum to make that kind of thing happen. Over the longer term, I do anticipate that the $70 level will continue to hold as a major support level, so keep that in mind, but I don’t really appreciate the idea of trying to short here, getting so close to such a massively obvious area. In general, this is a market that I think over time, we’ll try to take out the 50-day EMA and then the 200-day EMA, but you’re going to have to be very patient.
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