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WTI Crude Oil: Recovery After Initial Selloff
The West Texas Intermediate Crude Oil market fell a bit on Friday, but as you can see, we have turned around to show signs of strength again. The market is currently hanging around the $72 level. The market has recently broken above a major downtrend line, suggesting that bullish momentum is starting to come back into the market. The 50-day EMA has broken through that level, so this is a market that is going to continue to go higher. Looking at this chart, I think it is very likely that we could go looking towards the $74 level, an area where we had seen a lot of selling pressure. The market has broken through major ... (full story)