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.
Technical Analysis Team
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