Oil, a short term bottom ?

Crude oil futures are trying to bottom after the /bbl plunge since the July 11th high at 7.27, currently chopping from key support at 7.50/128.50 (Friday’s low, bullish trendline since Feb, and a 38% retracement from the March low at .65, see daily chart below). With the market near term oversold after the recent sharp declines, this area should hold at least temporarily and if more aggressive, would buy here (currently at 0.35). Note however, that the confidence level that a
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