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Crude spiked to a high of 76.98 or just above our ideal target at 76.74. In our last updated from July 6, we stated that a short-term spike above our ideal target was possible, but it wouldn't last long and would quickly be reversed to the downside for a deeper corrective decline towards at least 62.67 and possibly even closer to resistance near 57.25.
The quick spike to 76.98 was quickly reversed and the following break below minor support at 74.41 would be the first strong indication that a top was in place an a deeper corrective decline now is in motion towards support at 62.67 and possibly lower.
Trading recommendation:
Sell crude oil and place your stop at 74.90 for a decline to at least 62.67
*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。
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