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Inside Investor

Oil Market Forecast & Review 17th May 2013

Oil Market Forecast & Review 17th May 2013

After falling from $97.38 on May 6 to $92.40 on May 15, July crude oil rebounded on May 16 to regain almost 50% of its recent break. This turnaround was expected, but most traders were looking for a test of the retracement zone at $91.77 to $90.45 before the rebound began.

Despite showing strength on the daily chart, the market is still having trouble with a pair of main tops at $98.22 and…

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