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WTI crude oil fails to improve upside move
WTI crude oil returned above the medium-term ascending trend line, hitting the strong 200-day simple moving average (SMA) at 79.36 after bouncing off the four-month low of 72.46. The technical oscillators are indicating a negative retracement in the short-term view. The RSI is sloping slightly down near the 50 level, while the stochastic oscillator posted a bearish crossover between the %K and %D lines in the overbought area. If the market has a successful attempt above the 200-day SMA and the near-term downtrend line, it may challenge the 50-day SMA at 79.86 ahead of the 80.63 barrier. Above this area, the 84.45 ... (full story)