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Crude Oil Technical Forecast: WTI Weekly Trade Levels
Oil prices plunge nearly 10.7% off yearly high- largest weekly range / decline since late-January. • Crude bulls searching support at December uptrend- risk for downside exhaustion in the days ahead. • WTI Resistance 79.75-80.31, 81.52, 84.57-85.33- Support 77.66-78.55, 75.31, 73.00/74. Oil prices plunged more than 6% this week with WTI poised to mark a six-day decline ahead of the New York close on Friday. Crude is now testing the yearly moving average with more significant technical support eyed just lower and the focus is on possible downside exhaustion in the days ahead. The battle lines are drawn for the WTI ... (full story)