Crude oil is trading slightly below crucial long-term support levels. Only a daily close over $77 would signal a reversal of the downtrend. The commodity may initially consolidate around the $75 level and reduce its “oversold” condition, before any serious rebound takes place. The dollar strength and perceptions of low global economic growth ahead do not help oil price either.
Crude Oil chart, monthly candlechart:
Chart courtesy of investing.com. http://investing.com
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