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WTI crude oil holds neutral in 2023
As the year 2023 is coming to an end, WTI crude oil is developing beneath January’s market price. The price is currently testing the 200-week simple moving average (SMA) after seven consecutive red weeks, suggesting that the bearish action may come to an end and 2024 could be more optimistic for oil prices. Weekly oscillators suggest that downside momentum is losing steam, reflecting the latest pullback in the market. The RSI has turned up in the negative area, while the stochastic oscillator is posting a bullish crossover within its %K and %D lines in the oversold territory. However, the MACD is still ... (full story)