While price action is still above the rising trendline drawn from the 35 lows seen in early March 2009, the FUEL of economic growth –OIL may have topped out at 74!!
Reasons ??
• MACD divergence
• Price has near exactly retraced to the 38.2% retracement target and has been unable to breach it
While a test of 67 in pretty imminent, a break below 65 would serve to confirm the bet that oil has indeed made its intermediate top.
Implication is pretty straightforward – Dollar staging a comeback against commodities.
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