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WTI Crude – Correction Seen as Divergence Forms
Earlier this week I highlighted $48.80-49.20 as a key resistance level for WTI (WTI Crude – New Trading Range Being Established?) with it having been so the last two times it traded at this level. Despite it finding resistance again on Tuesday and Wednesday, it finally broke above here yesterday and has continued to push on today. It now appears to have run into resistance again around the next resistance area between $50.25 and $51, which has recently been an interesting area of support and resistance. As you can see on the hourly chart below, the most recent rallies have come on declining momentum, creating a ... (full story)