Down then Up Today
WTI rose to the 20-day Simple Moving Average (SMA) before losing steam this morning. That SMA aligns with the 38.2% Fibonacci retracement level from the December-March move. Bears attempted to breach a major trendline last week before prices rebounded, shuffling around the 50-day SMA. The two oils correlation is hinting at a bear move, but traders sentiment is not.
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