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Crude oil prices managed to stabilize during recent intraday trading after trimming earlier losses. This recovery was supported by a short-term bullish correction trend line and strong support at the 50-day Exponential Moving Average (EMA50), which enhanced the commodity’s capacity to rebound.
Positive momentum was further reinforced by consecutive signals from the Relative Strength Index (RSI), indicating a gradual return of overbought conditions.
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This suggests the potential for a new bullish wave, provided the price maintains its position above key technical support levels.
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