Technical Analysis of Crude Oil(WTI)

Crude oil prices rebounded in Asia on Thursday as investors took profits off a sharp surge sparked by talk of output cuts by major producers.

Our Most likely Scenario :- Long above @31.47 with target 35.15 for further extension

Alternate Scenario:- Short below @31.47 with target 29.50 for further retracement

RSI in buying area

Moving average gives buy indication

Trend Bias :- Bullish

Candle stick pattern:- Piercing Line Pattern gives bullish indication

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