LeoPrime Daily Market Analysis

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WTI broke key support zone 58.00; Likely to fall to 55.00

WTI recently broke sharply through the key support zone located at the intersection of the support level 58.00 (which has been reversing the price from the start of December), support trendline of the daily up channel from October and the 50% Fibonacci retracement of the previous sharp upward impulse from October. With the aforementioned price area acting as the strong resistance zone after it was broken – WTI is likely to fall further in the accelerated impulse wave C toward the next support level 55.00 (former strong support from the end of November).

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