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Crude Oil Price Forecast: Faces Increased Selling Pressure
video WTI crude oil tested the bottom range of a two plus week tight consolidation zone with today’s low of 76.90. That is a six-day low and crude oil is on track to close at its lowest daily closing price since February 26, not to mention the lowest daily close of the current consolidation phase. This is a sign of weakening, although within consolidation. Nonetheless, it indicates increasing selling pressure and follows multiple tests of resistance at the convergence of a downtrend line, 200-Day MA, and 20-Day MA. Further, the area around the uptrend line has been attempting to hold as support. Today’s bearish ... (full story)