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WTI Crude Oil Technical Analysis
Crude Oil recently broke through the key $83 resistance following the strong US ISM Manufacturing PMI and some geopolitical risk in the Middle East after Israel killed an Iranian general. For now, the fundamentals support more upside for Crude Oil as we are seeing a reacceleration in economic activity and the pickup in China’s performance seems to be gathering steam. On the daily chart, we can see that Crude Oil broke through the key $83 resistance where we had also the upper bound of the channel as an extra barrier. This breakout should point to further gains ahead with the $89 level as the next target. If the ... (full story)