Forex Trading Library

WTI Crude Oil Bounces Off Lower Support of Range

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Oil prices remain flat for yet another day. Price action briefly fell to the floor near 51.87 from the sideways range.

But prices quickly recovered off this level intraday. For the moment, the sideways range remains intact and oil prices could settle in this range for a while longer.

The upside level near 53.77 remains untested yet in the recent few sessions.

The Stochastics oscillator has also turned flat currently underlining the sideways movement in the oil markets.

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