Oil - Monthly Chart w/ Trend and Channel

I love watching long term trends to not only help keep the larger picture in check but also to know areas of resistance I should be aware of while trading lower time frames.

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.38 is an area I watch closely to see if price action will continue or retreat. It's near the downward trend-line but could be broken so I'll also keep this area in mind.

.62 everyone will be watching too and it's at a level where there was a good amount of turbulence while .70 at 111.8 was an area of resistance.

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