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Crude - has approached a strong support zone at 58.00- 58.50

Crude has approached a very important support level at 58.00. First, we have 50% retracement of the preceding rally at 58.50 58.00 58.50- was a reversal zone throughout 2019. That zone stopped several rallies. I expect that resistance zone to turn support for that decline. I expect a corrective pullback in wave b up.

Crude - Daily chart updated at 7-25 PM on 1-12-2020

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