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LCrude: Double bottom at Year low

On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a drop in LCrude stocks with estimates at 0.750 million barrels.

LCrude rose during the course of yesterday session, testing the 10 day moving average and closing near the high of the day. The price is trading inside the daily support zone and a double bottom pattern may be in motion signaling a potential retracement or even a reversal.

Expecting upward move to 94.07 on a break above previous day high at 92.05 (scenario 1).

LCrude is a CFD written over Light Crude futures.