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Is it the calm before the storm for WTI oil futures?
Despite occasional drops, WTI oil futures remained squeezed within the 78.00-80.00 area and between two ascending lines for the second consecutive week. The bulls have been held back around 79.68 by the 38.2% Fibonacci retracement of the December-April uptrend, while the 200-day exponential moving average (EMA) has been restrictive too. Thus, in spite of the upward trend shown by the technical indicators, the price must conclusively exceed that boundary around 79.68 and, more significantly, breach the resistance line at 80.80 to enhance buying desire, aiming for the 23.6% Fibonacci mark of 82.45. Even higher, there ... (full story)