oil how low will it go

70.16 and bounce shows us the support at the 70 level we were hoping for a trip into the 69's which would make a buy entry less risky per say but if housing comes strong we do not think we will see that bargain today after all even though personal spending was done "worse than expected" obviously it was completely expected as oil ticked down and bounced straight back

in today's "phase of consolidation" it is more like a breather before upward resumption

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