WTI CRUDE OIL - Is Ready to Recover Some of Its Losses - 09/12/2017 (GMT)
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WTI CRUDE OIL Chart
The West Texas Intermediate (WTI) crude oil plummeted more than 4% the last day of the previous week after the bounce off the descending trend line, which is standing since February. The sharp sell-off drove the price to hit the 50-day SMA, which is acting as a strong support level.
If the bulls are pushing more than the bears then the price will hit again the $49.65 resistance handle after it challenged the 200-day SMA, near $49.28. Technically, on the short-term chart, the RSI indicator is flattening near the 50 level and the MACD oscillator is moving near the zero area, indicating neutral bias. However, the stochastic oscillator is trading lower, approaching the oversold zone.
If the bulls are pushing more than the bears then the price will hit again the $49.65 resistance handle after it challenged the 200-day SMA, near $49.28. Technically, on the short-term chart, the RSI indicator is flattening near the 50 level and the MACD oscillator is moving near the zero area, indicating neutral bias. However, the stochastic oscillator is trading lower, approaching the oversold zone.
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