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WTI Oil - buy on 4H - how to trade

WTI Oil - buy on 4H - how to trade

Dear traders and followers,

welcome to todays Oil market analysis !

The WTI Oil price gained almost 30 % since beginning of November and seems to go into short term correction. On the weekly chart the market looks pretty bullish . We try to enter the market with a buy position at 39.30 - 39.50 $ area which is a good support area .

At this price area are several supports:

1. Fibonacci 38.2 retracement level
2. down trend line switched to support trend line
3. 50 day and 200 day moving average

Additional the MACD and RSI showing both short term bearish sell signals which support our short term correction analysis.

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