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WTI crude oil opens the way for bearish actions
WTI crude oil with delivery in July is plummeting from the 80.00 level, which is acting as a strong resistance obstacle as well as the 200-day simple moving average (SMA). The commodity slipped beneath the medium-term ascending trend line, suggesting more declines in the market. To attract new buyers, the bulls will have to surpass the nearby resistance of the uptrend line at 78.20 and move beyond the bearish cross within the 20- and the 200-day SMAs near the 80 level. Another successful battle there could see the price jumping to the 50-day SMA at 81.40. However, the mixed technical indicators are not convincing ... (full story)