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Last week’s Oil rebound could soon choke
Brent crude oil has added more than 8.5% over the past week. We have seen an impressive increase in buying on a temporary decline below the 50-week moving average. From the tech analysis side, Crude oil has so far managed to stay within the bullish trend that has been in place since last November. The oversold conditions after six weeks of decline have provided a positive backdrop for the rebound, but it risks losing strength in the coming days. Technical analysis on the weekly charts shows a divergence between the relative strength index and price: new price highs with increasingly lower indicator peaks. This is ... (full story)