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WTI oil dips again as sellers take control
WTI oil futures got hammered after the peak at a nine-month high of 84.89, breaking out of the tight bearish channel that had been navigating the market over the past two months. The price has re-entered the broad neutral area below 83.40, closing significantly below the 20-day simple moving average (SMA) and the 80.00 round level on Wednesday. The latter is a negative warning that the sell-off could gain extra impetus and the technical indicators are in line with this narrative. The MACD is decelerating below its red signal line, while the RSI is set to cross below its 50 neutral mark. Meanwhile, the stochastic ... (full story)