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WTI CRUDE OIL TECHNICAL FORECAST
Prices pushed below a major trendline and the 50-day Simple Moving Average (SMA), representing a break below confluent support that has helped underpin oil since December 2021. The 100 psychological level is now eyed as the most immediate area for potential support. A drop below that would bring the 100-day SMA into focus, currently at the 95 mark.
Prices pushed below a major trendline and the 50-day Simple Moving Average (SMA), representing a break below confluent support that has helped underpin oil since December 2021. The 100 psychological level is now eyed as the most immediate area for potential support. A drop below that would bring the 100-day SMA into focus, currently at the 95 mark.