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Oil Heading Towards Strong Support

The very big picture of nearby crude oil prices shows that so far this week the price structure has sliced below the trendline from December 04 and is heading for a very strong congestion-support zone between $61 and $59/bbl., which should contain the decline off of the July high at $78.40. Such a move in nearby futures will coincide with a plunge in the USO to the $56.30 target zone.

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