Crude Oil sell-off stopped by major support [Video]
|US Oil dropped in the short term but the bearish movement was stopped by the 76.88 - 76.23 support zone. Now it has rebounded a little but the downside pressure remains high. Fundamentally, the Crude Oil could try to rebound as the Crude Oil Inventories came in at -3.7M below -2.6M expected.
Technically, the WTI failed to stay below the channel’s downside line. Now, it has retested the 76.88 support. As long as it stays above 76.88 - 76.23, the price could give birth to a new bullish momentum. Only a valid breakdown and a new lower low activates more declines.
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