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Oil Follows The Bullish Set-Up Despite Initial OPEC Jawboning About Failure to Cap Output


Oil climbed 7% from yesterday's low to high in reaction to the OPEC cutback news.

More importantly, perhaps, the overnight price action has been well-behaved-- near the $47 area, suggesting to me that after Wednesday's vertical upmove, Oil is building a bull-flag digestion period, prior to upside continuation towards a test of the Aug high at $48.75-- in route to a challenge of the June high at $51.67.

After just about every strategist and analyst took to the airwaves with an opinion about the OPEC deal, and the prospects for Oil prices-- that the deal will fail, and that prices will reverse-- it is very impressive technically that Oil is perched just off of yesterday's highs, which is a warning to the bears that "this time just might be different."

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