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Oil has reached new lows, around 103.70 in the past week, from where a sharp reversal occurred.

Notice that on Friday, the price moved decisively through the corrective channel resistance line and also slightly below wave (b) termination level, which was a triangle.

These are all indications for an uptrend continuation for days and weeks ahead, towards 110.50 area.

Oil Elliott Wave Analysis March 19 2012

Short-term critical support is now at 103.70.

Guest post by Gregor Horvat

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