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WTI Crude Oil Price Analysis for March 6, 2024
WTI crude oil is still trending higher in its rising channel on the hourly chart but price remains in correction. A larger pullback might be in the works if bullish pressure is not strong enough yet. The Fibonacci retracement tool shows that the commodity is already testing the 61.8% Fib and is finding some support at $77.75 per barrel. A deeper correction might still dip to the $77 per barrel area near the channel bottom, although this might be the line in the sand for a bullish retracement. A break below this area could signal that a reversal from the uptrend is in order, as buyers are unable to defend the areas of ... (full story)