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Current price: 80
Key point: 82
Our preferred direction: short positions below 82 levels, targeting 74.90 as a first target, then 73.65 as a second target.
Alternative scenario: stop loss and change direction by breaking 82, targeting 83.50
Technical comment
Oil rose from the support levels 73.65-74.90, and from the harmonic butterfly pattern, to reach the descending trend line from the top of last June. A drop from these levels is expected to re-test the mentioned support levels again.
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