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O'Hare: Oil poised for 'significant move lower'
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Steve O'Hare sees bearish momentum in WTI which he believes should result in a further significant move lower. The medium-term outlook remains negative with oil pressured after the OPEC meeting ended in disagreement.
The technical picture has broken lower from an Expanding Wedge and the August lows have been breached
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Support is around USD 32.50 - 34.00 with the hourly chart forming a Bearish Flag
Sell a break around recent lows at USD 37.50
Targets: USD 34.00 32.50
Stop: USD 39.00