WTI bulls waiting in the flanks at major support WTI DollarIndex Fed Technical Analysis
However, the M-formation could see a correction in the forthcoming hours from major support.are weaker in mid-day trade on Wall Street after the United States reported inflation last month rose at an annualized 6% pace, matching expectations and down from 6.4% in January.
Looking to the charts, we can apply a multi-time frame analysis to determine prospects of a correction in the meanwhile but ultimately, a bearish bias prevails as follows:In a series of lower highs, the daily charts show the price moving sideways within a broad range of between $70.10 and $83.32. There is a price imbalance, greyed area, above $77.50, but the momentum is with the bears while below $74.80, and liquidity below $70.10 is calling.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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