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Brent crude has ticked higher, however, faces tough resistance above at the $104 trendline resistance. A break above here will then see oil look to test the 200-day SMA at $106.61. Only then would the outlook become more bullish. In the meantime oil is forming an inverse head and shoulders pattern with a good possibility of a bearish decline towards $102.59. RSI currently reads 62.6 with MACD trending postive.
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