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WTI Crude Oil has 50 in Sight

WTI Crude has recently made a low on the year at 37.75 but sprung back above 40 to end the week as we can see in the daily chart.

WTI Crude Oil Daily Chat 8/28

(click to enlarge)

The short-term upside risk in WTI will be around 50, near the 50-day simple moving average and a support/resistance pivot area formed at the end of July and beginning of August. Also monitor the daily RSI around 60. If we see resistance around 50, and the RSI stays under 60, look out for pressure back towards 40.