Crude Breaks Above Its Nov-Jan Down Trendline, But Retreats Thereafter

Crude Oil is 5% below its high of the day, and now is trading beneath its Nov-Jan resistance line again, after initially thrusting above it in reaction to the OPEC and Saudi news.

Now we have to see if Oil can retest $34.00-$35.00 resistance before it breaks below $32.30, where some serious damage will be inflicted on the Jan recovery rally.

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