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Crude Oil Bears Get Torpedoed

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Yesterday morning, in my Oil Roiled post, I wrote:

I suspect the next level of support for crude will be around $50, both because this is the next Fibonacci retracement level but also becomes humans are weirdly hung-up on Big Round Numbers.

Let’s check in with an updated crude oil chart, with my “around $50” level tinted:

I think we can collectively agree this is at least a “Hey, not bad!” As for what caused the spike (and, oddly, a big reversal to the upside for equities):

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