sp'60min
USO,weekly2
Summary
*broader price action in Oil is starting to turn outright bearish with the first red candle since early January, having failed to hold the important $57s.
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Suffice to say.. interesting day... lets see if the market can unravel into the close. Price structure is a baby bull flag on the smaller cycles... suggestive of upside.. but I find that difficult to believe.. considering the current uncertainty.
The morning high of 2082 is out of range in the closing hour, and I'd expect the 2050s before the market has a sustained hope of pushing back above the 2100 threshold.
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updates into the close...
3.40pm.. upper bol' on the hourly cycle 2083... will be difficult for the bulls to break above there.
notable weakness: CHK -5.9%, with nat' gas -1.7%
back at the close.