West Texas Intermediate (WTI) rebounds

May 5, 2022 - 3 weeks ago
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West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, bullish momentum returns on Wednesday as the US Dollar Index (US DXY), which tracks the greenback against a basket of its peers, plummets from 103.50 to 102.55.

Based on the technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator is positive, while the Moving Average Convergence Divergence (MACD) oscillator supports a weak positive signal.

From the overnight rally, eyes now look to $108.80-95 – A potential rejection is expected.

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