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Commodities

WTI Oil Technical Setup Triggers Bullish and Bearish Conviction

Guavy AI Editorial Team
Instruments
Oil
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The technical setup of Light Crude WTI Oil has some traders and analysts excited about potential price movements. According to Trent Klarenbach, publisher of several grain market newsletters, the current situation is reminiscent of a binary choice: either prices reach new highs or they plummet. This scenario is likely to be met with strong convictions in one direction or another.

The Elliott Wave enthusiasts are particularly interested in this setup, which suggests that either $100 or a significant decline will occur. However, for conviction to develop, new highs or lows must emerge.

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