Crude Oil Turned Old Resistance Into Support and Held It
WTI crude oil is holding above a declining resistance line that flipped into support, while energy sector stocks press multi year highs.
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WTI crude oil is holding above a declining resistance line that flipped into support, while energy sector stocks press multi year highs. Razan Hilal, CMT, StoneX Media Market Analyst, walks through the multi timeframe structure across WTI crude oil and the Energy Select Sector ETF. She works through the positive correlation between the Energy Select Sector ETF and WTI crude oil, and what a break in either direction would signal across the wider energy complex. The analysis also covers the Strait of Hormuz and the U.S. and Iran situation, including how a de-escalation and calmer supply flows would reshape the picture.
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