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Technical Update - WTI and Brent Crude oil finding floor. Natural gas range bound after rejection
WTI Crude oil took out key support at around 77.21. Next support at around 73.84. However, WTI could be in the process of forming an Evening star like pattern. It is not the best textbook example though, but could still be an indication of a bottom and reversal. For that scenario to play out minimum requirement is for WTI to close higher today. If WTI is performing a daily close (not necessarily today) back above 78.50 the rebound could extend to 83-84 level However, RSI is still in negative sentiment with no divergence suggesting lower levels could be seen, and a dip down to 73.84 should not be ruled out. If WTI is ... (full story)