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WTI Crude Oil Afternoon Plunge Analysis | Bearish Dominance, Rebound is a Sell
The market is awaiting the US February CPI data tonight. Expectations of persistent inflation and a strengthening dollar are suppressing commodities; combined with profit-taking at high levels, oil prices have plummeted over 3% intraday, significantly boosting bearish sentiment.
WTI crude oil is currently at 83.78, with a four-hour breakdown indicating a downtrend. Moving averages are aligned bearishly, and the MACD has formed a death cross with increasing volume, confirming a clear bearish trend. The strong resistance zone is at 84.5-85, while support is seen at 81.5-82.
For a rebound, consider short positions at 84.2-84.5 with a stop loss at 85.2, targeting 82.5-81.5. Follow the trend and avoid bottom fishing.
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