Price of WTI oil futures declined strongly after data considering US inventory of this commodity. Close of yesterday’s session happened below key support area 50.70-51.20 where there was also lower band of consolidation.
Currently this support area changed its role and should become a resistance in case of gains. Price reached already to another key support in 49.00 area where it is crossing with bullish trend line.
Considering that we should expect strong bullish rebound which should be stopped by resistance shown on the daily chart. On the other hand successful break of 49.00 area will open road to further decreases in direction of 45.00 and then 43.00.
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