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WTI Crude Oil Analysis: Oil defies USD strength despite hawkish Fed comments
Price action remains choppy and erratic on the daily chart of WTI crude oil, yet a clear range is being carved out between $67 - $72-73 which could provide opportunities for intraday traders. The fact oil rallied yesterday despite the stronger US dollar is a further testament to oil’s strength, and today is about whether it can continue higher above $70 into the top half of that range. Strong volumes formed as prices rallied from the cycle lows, suggesting strong support resides above $68. Low volatility pullbacks towards the $69, $68.50 and $68.22 areas could tempt bullish swing traders to the table with an ... (full story)