The total number of oils rigs operating in the U.S. on August 7 fell to a 15-year low at 176 from 180 a week ago according to Baker Hughes Also, the net long position of WTI crude oil rose 2.0% on week to 353,730 contracts as of August 4, reported the Commodities Futures Trading Commission Crude oil prices are reversing up From a chartist point of view, prices validated a Falling Wedge: a bullish continuation pattern calling for further advance In addition, the 20 and 50-period moving averages crossed upward The RSI is bullish above its signal line A continuation of the rebound towards 42.15 and 42.65 is expected Alternatively, below 41.5, look for a return on 41.05 #forextrading #forextrader #forex #forexstrategy #forexmoney #forexmarket #forexlifestyle #forexsignals
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