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Crude Oil Price Forecast – Crude oil markets rally on China hopes

From fxempire.com

The United States and China are likely to continue talking, and the US has delayed tariffs in order to help the situation. Because of this, there was a big huge “risk on” move during the day, but things are starting to calm down as people realize not much is actually changed. The WTI Crude Oil market has rallied rather significantly during the trading session on Tuesday but ran into a bit of trouble at the $57.50 level, which if you extended it out, you can make an argument for a trend line there as well. We are starting to run into a bit of exhaustion though, so I think the knee-jerk reaction may turn things right ... (full story)

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  • Category: Technical Analysis