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QE3 Impacted USD and Caused WTI to Spike Higher

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WTI Crude Oil price is currently trading above 200 Day SMA, helped by the QE3 announcement. FOMC statement on Thursday 13th September, directly resulted in USD sell off and price increase in a range of commodities and metals including Crude Oil.

Current price action looks extremely Bullish medium term.Any further upside is calling for a retest of the falling resistance trend line at 100 level. Additional resistance on the upside is located at 106.43 followed by 110.55 level. Alternatively, support on the downside is located at 96.33 which is 200 Day SMA followed by 94.39 (lower Bollinger Band) and 92.43 which is 50 Day SMA. Indicators like MACD, Stoch. and RSI are currently moving towards overbought levels.


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