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Crude Oil Gives Back Some of Last Week's Recovery Gains

The "good news" for oil is that last week's up-move exhibits bullish form from $34.12 to $38.28, which if accurate, means that after the current pullback runs its course, Oil should embark on another upleg that takes out $38.28 to challenge more extensive resistance at $39.00-$40.00.

Where will the pullback run its course?

My optimal target buy zone is $36.20-$35.50.

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