CrudeOil Hanging On By a Thread
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is basically hanging on by a thread right now, as we had broken through a major support level, but then turned around later in the day to form a bit of a hammer.We have a lot of concerns out there that could have a major influence on what happens in this market next.To begin with, a lot of people are concerned about global growth. If global growth starts to fall apart, that means that demand for crude oil will continue to be a major issue.
The $70 level courses a large, round, psychologically significant figure that a lot of people would pay attention to, and it would obviously catch a lot of media attention if we broke down below it.from the trading session on Friday, it opens up a move above the $80 level.
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