USOil is approaching our first support at 70.92 (horizontal overlap support, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 73.51 (horizontal pullback resistance, 50% Fibonacci retracement). RSI (55) is also approaching our ascending support line and we might see a corresponding rise in price should it bounce off this level.
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