Following up our October 13th article ,“Oil Outlook: A Crude Decline,” the recent 75.84 in crude satisfies our downside target at 74.95 – 77.25 and crude has been working on a bounce since.
Initial resistance on this bounce is at 80.25 – .35. Any further decline would next target the bottom of the target / support zone at 74.95.
In the big picture, overcoming nearby resistance would be the first step in reversing the persistent near-term downtrend that remains intact.
On any further decline below this target zone, the next downside target / support is 67.32.
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