Crude oil corrected higher today, but stalled near 50% midpoint near $66.33 ...Middle East

The price briefly tested and rejected that midpoint level, reinforcing its technical importance going forward. As long as the market remains below $66.33, the bias tilts to the downside.

For now, crude continues to consolidate between well-defined resistance and support, following the sharp declines seen earlier this week. A break of either boundary will likely define the next directional move.

This article was written by Greg Michalowski at www.forexlive.com.

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