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WTI crude oil is hovering near $63.03 after briefly tapping $63.96 resistance, where the 200-period EMA capped gains. The price remains above the 50 EMA ($62.09) and an ascending trendline, hinting at underlying bullish structure.
However, the rejection at the 200 EMA signals hesitation. Immediate support lies at $62.07, followed by $59.89. A sustained move above $63.96 is needed to open the door toward $65.98 and $67.84.
Conversely, slipping below $62.07 could drag prices back toward $59.89. Momentum remains neutral-to-bullish, but oil needs stronger volume to sustain the uptrend. All eyes are on whether USOIL can reclaim the 200 EMA—or break trendline support to confirm a shift.
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