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Oil Still Cannot Catch a Sustainable Bid


The two features of the daily chart of nearby Crude Oil that leap out at me are:

1) that the major daily EMA's are negatively down-sloped now, after two months of stair-step   downside price action, and

2) that the juxtaposition of the daily EMA's and the price structure resembles the bearish set-ups from May 2011 and Aug 2010, during which time oil $20/bbl, suggesting that the current decline could be heading towards $80.

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