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WTI Crude sees a Chart driven recovery

FXStreet (Mumbai) - WTI Crude has gained strength ahead of the US market opening mainly due to the technical factors. The commodity has lost 22% so far from its June 2014 high of USD 107.72/barrel. The November futures are now trading down 1.1% at USD 84.82/barrel, having recovered from a low of USD 83.62/barrel hit earlier today.

The fundamental factors of weak global growth, falling demand and excess supply remain intact. However, Oil prices have reached closer to oversold levels, which is evident from the technical indicators. Meanwhile, the technical indicators on hourly charts have turned bullish indicating a possibility of further correction ahead of the weekend.

However, the correction may be weak as the oil prices do get influenced by the action in the US equity markets, which appear weak today.

WTI Crude Technical levels

WTI Crude has a strong support of 84.05 (November 2012 low), while the immediate resistance is located at 85.61 (April 2013 low.

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