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A downtrend starting from the Sept. 14 high of $100.42 has resumed, as oil failed to break resistance at $92.71, provided by the trendline descending from $100.42.
Based on a Fibonacci retracement analysis on the rise from $88.95 to $92.71, oil is expected to return to $90.39, the 61.8 percent level, a break below which will open the way towards $88.95.
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