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Climbing massively last week as the false break pin bar led to a $7+ run in the commodity, Oil found new support today on the news that Iranian lawmakers have drafted a bill proposing a blockade of the Straits of Hormuz. This obviously would provoke a response in the West, but the obvious follow through is strong upside gains for Oil. After last weeks impulsive spike to end the week, Oil sold off in a corrective fashion for 16hrs to start this one off.
However, the news dominated the end of day moves and Oil formed a piercing bar at a key $82 support, which virtually erased the prior aggressive selling. We feel Oil short term will likely benefit …... Keep reading