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Published on 9 Feb 2017
The
WTI Crude Oil market rally during the day on Thursday, showing signs of
support yet again. The market has been consolidating for some time
though, so I feel that the markets could rise from here but I don’t
think it’s going to be a longer-term move or with any type of strength.
In fact, most of the indicators that I put on a chart suggests that we
are running out of momentum, and with this I think that once we hit the
$54 region, the sellers will come out in force and start selling again.
The 50-day exponential moving average has authored support, but the $54
level above has been massively resistive and extends all the way to the
$55 handle. It’s not until we can clear that area that the longer-term
buyers will have any chance of moving this market.
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