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Oil stayed in another small range last week, testing the resistance that I mentioned before treading water into Friday's close.
Friday's close has left us in a similar position to last week. A failure to get above key resistance is a bearish signal with the previous lows and channel in play. I'd still be wary of being too short with the recent attempts by Saudi Arabia to talk the market up. We also have a busy week of data ahead with NFPs and the ECB sure to create volatility in the U.S. dollar.
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