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The contract is still riding on a downward wave c, unfolding towards its 100 percent Fibonacci projection level at $110.02.
A Fibonacci retracement analysis on the rise from the Nov. 5, 2012 low of $104.76 to $119.17 reveals oil has cleared a support at $111.97, the 50 percent level, and the next support is at $110.26, close to $110.02.
A rebound may not occur until oil reaches $110.02.
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