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Crude Oil Weekly Technical Outlook + MORE

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OPEC’s decision to leave production quota unchanged triggered massive selloff of the energy complex. Instead of defending price by trimming output, the cartel decided to compete for market share with the thriving US shale production. The likely result is deteriorating demand/supply imbalance. Crude benchmarks slumped with double-digit loss last week…

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Silver’s sharp fall last week suggests that recovery from 15.04 has completed at 16.69 already. Recent downtrend might be resuming. Initial bias is on the downside this week for 15.04 support first. Break will confirm this bearish case and target 14.65 support next. On the upside, above 16.69 will bring another rebound…

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Crude oil’s decline accelerated last week and took out mentioned target of 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75. Further decline is expected in near term to long term fibonacci level at 64.38. Break there would target 261.8% projection at 52.75 next. On the upside, break of 73.25 resistance is needed to confirm short term bottoming…

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Natural gas’ consolidation 4.544 continued last week and outlook is unchanged. We might see more sideway trading in near term but still, another rise is in favor. Above 4.544 will target 38.2% retracement of 6.493 to 3.541 at 4.669. However, we’d be cautious on strong resistance from 4.886 to limit upside to complete the rebound from 3…

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Gold’s sharp fall last week argues that rebound from 1130.4 has completed at 1207.6 already, just missed mentioned 61.8% retracement of 1225.6 to 1130.4 at 1207.8. Larger down trend might be resuming. Initial bias is on the downside this week for retesting 1130.4 first. Break will target 100% projection of 1346…

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