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Oil Still Short

Oil Still Short

Crude Oil WTI NYMEX:CL1!

Bad news for oil when the Dallas Federal Reserve Bank announced that the manufacturing index fell for the 10th month in a row to -12.7. There was another sharp decline in September, so expectations were a modest increase. Note in the chart pattern there is plenty of room to collapse before we hit the support point of $38.34. The Fibonacci levels give some intermediate profit targets.