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Daily: The sell-off from October 4 highs has continued. A combination of strong dollar and over-supply has resulted in a 35% fall in prices over a 2 month period. Support was found at the 78.6% Fibonacci retracement although the reaction higher from here has been capped close to the $54 mark. Support remains rather fragile looking despite talk of OPEC cutting supply.
4-Hour: Although the market looks ripe for a correction the 4-hour chart is forming a potential double top. A break of $52 would confirm this and set-up a re-test of the $49.50 level ( recent low reaction area).
We look to Sell a break of 52.00
Targets: 50.00 and 49.50
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