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A Monday Call to Action - WTI Crude Oil

Rafferty Commodities Group earlier today issued a real-time Call to Action email to our clients advising them of the continued market movements for WTI Crude Oil. We wrote, “The daily continuation chart shows that after breaking the 7300 area and successive support levels at 7000 and 6800, the market held the most major support level at the 6600 level. In addition, the daily continuation chart shows the market holding an upward sloping trend line, the value of which is 6545. The low last week was 6574. Our chart shows the more macro view of the market and how the decline in crude has tested the upward sloping trend line. We have a bullish bias as long as the value of the upward sloping trend line is able to hold, and this week the value is at 6595. We like buying against our major numbers because at a potential turning point there is favorable risk/reward. If we are wrong, we know what we are risking—a close below the 6595 level. Since rebounding off our major support levels, the market has already tested the first level of resistance at the 6800 area for us to take some profits. Today’s high so far is 6795. We hope for higher gains to our next levels of resistance.” 

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