WTI crude tested major support last week as indicated by the doji on the weekly candlestick chart. The doji is not a reliable indicator for calling bottoms because it represents ambivalence and a market can fall from its own weight. But, it did occur at a major support zone and this gives it more credence. I will look for a morning star formation as confirmation of a trend reversal at this significant support zone.
Note:This technical analysis is for educational purposes. Please conduct your own analysis or consult a financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stocks or indexes.
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