Oil is on the way to rebound. 53 dollar a barrel is insane. they need 35 to breakeven when we calculated last summer. on the other hand, everyone knows at the trading desks that 50 is a psychologically important number. when a security hits 50 or 100 dollar level its is less likely to drop below. not a rule of law but this phenomenon is so prevalent there is name for it = half dollar and full dollar breakout.
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