Crude oil is moving sharply to the downside in an impulsive fashion from the 73.27 level, indicating that more weakness is likely ahead. However, we may first see an a-b-c corrective rise, with strong resistance around $70 to $71 per barrel, where the 61.8% Fibonacci level also lies. Our intraday bearish view remains unchanged as long as the market trades below 73.27, where bulls got rejected after retested the triangle resistance line, visible on a daily chart
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