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Key Levels on Crude Oil

Brent Crude has pulled back off of critical levels at 45 and 39 and technically looks to consolidate at either level for a breakout higher or lower.  Multiple Fibonacci’s converging and clustering at the $45 level produced a selloff to $39.  

The question remains will price continue to fall after this brief rally or create a breakout level at $45 to go higher?  Or will price break down further below the $39 level.  Demand for oil remains low for the foreseeable future … so where do we go from here?

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