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Call to Action - WTI Crude Oil for December 3, 2018

Rafferty Commodities Group today issued our clients a real-time Call to Action for WTI Crude. We wrote, “The battle lines are drawn. Our analysis of the daily chart for January WTI Crude shows the lines of support and resistance have been set. Last week, when prices were falling, we said to be Buyers in the support area between 5000-4915. As long as this area held, we had low-risk buying opportunities. We didn’t expect an immediate turn-around. In fact, we wanted to sell against the declining value of the downward sloping line of resistance. We targeted the 5400 area today to sell as the market approached this resistance. The 5400 area coincides with today's value of the downward sloping bear trend line that we drew from early November. At this point, we like to trade against these parameters until the market can break out either way. We know that prices will not remain within these converging lines for too long. If the market can break out and close above the downward sloping line, it will be the catalyst for an explosive upside move. Until then, we will trade the market against the defined range. If prices close below 4900, we expect to see prices trade to the 4500 area before finding the next major support.” 

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