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WTI crude oil hovers near the upper boundary of the channel
video WTI crude oil futures are battling with the 74.00 round number, within a downward sloping channel that has been drawn since September 28. Technically, the MACD is advancing above its trigger line in the negative territory, while the stochastic oscillator is still standing near the 80 level, indicating that the market may be in an overbought territory. Steeper increases could penetrate the descending channel to the upside, heading towards the flat 200-day simple moving average (SMA) at 77.56, which also lies near the 50-day SMA. Even higher, the bulls may test the 80.00 handle, adding some optimism for more ... (full story)