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WTI crude oil hovers beneath 200-day SMA
WTI crude oil is moving back and forth from the 200-day simple moving average (SMA), with a strong resistance area near the potential bearish crossover between the 20- and 50-day SMAs. The price is developing within a symmetrical triangle in the medium-term timeframe, with no clear directional movement for now. According to technical oscillators, the RSI is sloping slightly up beneath the neutral threshold of 50, while the MACD is trying to regain some momentum, but it remains below its trigger and zero lines. If the market successfully surpasses the 200-day SMA, then it may head towards the next short-term SMAs near ... (full story)