Crude Oil: The market has appeared to negate or invalidate the bullish Head and Shoulders pattern we saw formed yesterday as price fell below the neckline. Crude can now see a test of the supports at 87.65 and 88.32. This area is reinforced by the July 3 closing price as well as the 14.6% expansion level. A move lower can test 85.37.Alternatively, a move higher can test the July 19 high at 93.21.
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