Near term correction: A buying opportunity in Crude

19 February 2021

Crude oil has corrected in the near term on 18th and 19th of February, this is likely to be a short term correction within the long term uptrend before buying kicks in. Positive slope of the 20-day SMA along with Crude oil trading above the 20-day SMA supports the above observation. It would be prudent to say that WTI Crude oil could rise towards 60.50 and 61.25 while it sustains above 58.30.

Prepared by
Technical Analysis Team

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