Crude Oil (WTI) is testing the mid November highs, in the $103.00 area, as the instability in Iran is keeping up the tensions.
Technically speaking, we missed a good opportunity in the final days of 2011 when a break-retest-continuation pattern has formed. The decisive fact was the importance of T1 trend line on the short term, which acted as resistance and support afterwards.
As a whole, the 4h chart shows a correction between the 17th of November and 18th of December and this can lead to breaking late May and mid November highs.
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