Commodities Weekly (06 Dec ’17)

Short-term pullback in OilBreak above the $57.35, (38.2%) Fibonacci retracement of the 2014-2016 fall and $57.92 high of 8 November finding difficulty reaching $60.00.

Corrective pullback developing, as overbought studies unwind.

Cautious Downgrade to Neutral as Tension Indicator also weakens.

A further close below the $54.81 low of 14 November will signal a deeper reaction as investors move to a Negative stance.

A close above the $59.05 high of November is needed to turn investors Positive once again, and open up the $62.58 high of May 2015.

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