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Oil Price Forecast: WTI Crude Correction Underway
Oil prices plunged 2.5% this week to mark a second consecutive weekly decline, with crude now off more than 5.1% from the yearly high. The risk remains for a deeper correction within the December uptrend and while the broader outlook remains constructive, the immediate focus is on a possible test of uptrend support. These are the updated targets and invalidation levels that matter on the WTI daily technical chart heading into next week’s flurry of central bank rate decisions. Technical Outlook: In last month’s Oil Price Forecast we noted that the, “breakout to multi-month highs keeps the uptrend viable heading ... (full story)