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Crude Oil Rebounding on Spanish Bailout

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Long term support trend line retest for WTI Oil on the weekly time frame. Current support is at 81.14 which is 200 Week MA as well as a support trend line.

WTI price action must return above 85.00 to stand any chance of a further upside potentially targeting 90.00 level. The loss of 81.90 and a Weekly close below that level would be seen as extremely Bearish for WTI ultimately targeting the next support level at 70.00 which is a cluster of previous lows during 2012 and 2011.

Brent Crude must achieve a daily close above 100 in order to potentially target 105.


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