WTI technical analysis: Bulls in control with a test of the 50-DMA
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The price of oil is resting up in the high end of the 55 handle in WTI while the price finally got above the 20 daily moving average and then pierced the 50-DMA into the 56 handle overnight. Bulls are back in control and there is room for an advance to the 58 handle to meet trend line resistance from here while on the downside, bears can target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.
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