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WTI Crude Oil: Working Off Parabolic Move
The West Texas Intermediate Crude Oil market rallied a bit on Wednesday after initially pulling back. That is a good sign, but at the end of the day we are simply consolidating and digesting the gains from the parabolic move from last week. When you look at the chart, you can see that the $75 level offered quite a bit of support, as we bounced very hard from that level. At this point, I think that is what we are focusing on, validating a move above the $75 level. Speaking of the $75 level, it is where we see the 50-day EMA currently reaching towards, so I think it does make sense that we would see the area attract a ... (full story)