The bulls to return oil price to $70

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When the market experiences significant movements due to fundamental factors, technical analysis works only for signaling about correction. Usually it amounts 50% and then the price reverse to the direction of the initial strong movement.

The bears supported a downside correction of Brent oil price for 50% from the last high, so it is expected that the bulls will drive the price back to $70 for a barrel.

Brent oil price chart
Brent oil price chart

 

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