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Oil hits 38.2% from the lows
The rebound in oil stalled out today after a final push from a slumping dollar and dovish Fed.
Prospects for global growth are better after the Fed waved the white flag. China has also pulled the levers of stimulus and Venezuela is a mess.
It might be a good time for consolidation as we hit the 38.2% retracement but we just broke above the $54.00 level and I think there is still room for optimism. There’s also a seasonal tailwind that doesn’t kick off until February gets underway and lasts through April.
This article was originally published by Forexlive.com. Read the original article here.