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Crude Oil Ripe for Recovery Rally


My work indicates that Nov crude oil is very ripe for a recovery rally that propels prices for a test of important near-term resistance at $62.25/30, which if hurdled should trigger upside acceleration from the month-long down trendline -- towards my next optimal target zone of $65.00/20. Such a move should translate into a $4 advance for the USO from its current level of $55.40.

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