A corrective blip precisely from the 74.52 midpoint of the bearish pattern shown suggests its sibling D target at 71.00 should evince an equally precise bounce. Accordingly, oil traders should bid 71.07 with a stop at 70.84. (Posted by Harry) _______ UPDATE: The futures sliced through the support on the way down, consolidating beneath it before heading still lower. The theoretical loss on a long initiated as suggested would have been $230.
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