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OPEC Agreement Fits Into Larger-Developing Bullish Technical Set-Up


Both Oil and Natural Gas have well-demarcated, multi-month accumulation (base) formations, with Natural Gas (lower chart) having already exploded up through its key resistance zone at 3.10 - 3.36, which projects to 4.20 and 4.80 medium-term targets.

Meanwhile, the Oil reaction to the OPEC (and NOPEC) out- put cut agreement merely has thrust price to challenge its multi-month resistance zone at $51.00 - $52.00, which, if hurdled and sustained, will project considerably-higher, medium-term targets at $60 and at $67 -$69.

From a pattern perspective, Natural Gas is in a more advanced stage of development than Oil at this time.

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