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WTI oil futures stay directionless inside bearish channel
WTI oil futures extended their horizontal trajectory within a broad bearish channel for another week, moving back and forth between their 20- and 50-day simple moving averages at 70.89 and 72.86 respectively. The RSI and the MACD are trying to enter the bullish area, though given their previous failed attempts and taking into account the strengthening overbought signals coming from the stochastic oscillator, traders could stay on the sidelines. The 50-day SMA will be closely watched on the upside, though slightly higher, the channel’s upper trendline at 75.00 could be a tougher obstacle. Then, the 200-day SMA at ... (full story)