- On Monthly Chart crude is trading near 88.6% retracement of its previous rally from 32.40 to 114.83.
- Long term trendline connecting lows of 2003 and 2008 also falls near 88.6% retarcement of 32.40 to 114.83.
- Year 2008 Pin Bar test zone also falls near above support levels.
- Levels 42, 40, 39, 38, 32 would serve as crucial supports & collectively as a support zone.
- RSI is also oscillating in oversold area.
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