CRUDE LIVE UPDATE BY POWERCOMMODITY.COM

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(Oil Technical Analysis: $69.50 is the level to beat for the bears)

  • WTI oil has witnessed an upside break of the falling channel, signaling the pullback from the Aug. 30 high of $70.47 has ended and the bulls could attack the rising trendline resistance, currently located at $70.38.  The 14-hour relative strength index (RSI) is also trending north in favor of the bulls.
  • Only if the bears manage to pull off a break below $69.50 (Sep. 3 low support on the hourly chart) is a deeper sell-off likely. Moreover, it would mean the rally from the Aug. 21 low of $65.29 has made a temporary high of $70.47 has the bears have taken over.

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