📉 Oil bounces off key technical resistance, time for deeper decline?
OIL.WTI stopped the upward move at the key resistance area today. Commodity bounced off the upper limit of 1:1 structure, which was also strengthened by the downward trendline. As long as the price sits below the $40.30 handle, the further downward move is the base case scenario. The nearest support to watch lies at $38.50, where the previous price reactions can be found. 
OIL.WTI H4 interval. Source: xStation5
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