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WTI oil futures restart downtrend
WTI oil futures slid to a two-month low of 76.99 on Wednesday after their continuous attempts to climb above the 200-day exponential moving average (EMA) at 79.10 proved fruitless. Breaking below an important support trendline, the price might experience additional losses, but there’s a chance for a rebound around 77.44 at the 50% Fibonacci retracement of the December-April upleg before a strong sell-off towards the 38.2% Fibonacci mark of 75.21. Even lower, the bears could rest near the constraining zone of 73.60 and then around the 78.6% Fibonacci of 72.00. Note that the RSI and the stochastic oscillator are ... (full story)