eived immense buying interest from the market participants after the United States inflation data matched expectations. has decelerated to 5.0% while core inflation that excludes oil and food prices rebounded to 5.6%, which has kept chances of consecutive 25 basis points rate hike from the Federal Reserve at elevated levels.Index has dropped to near its two-week low around 101.42 and is expected to deliver more losses ahead.
On an hourly scale, the oil price has delivered a breakout of the Darvas Box chart pattern, which results in wider ticks and heavy volume after a sheer volatility contraction. The aforementioned chart pattern placed in a range of $79.00-81.80. Adding to that, the Relative Strength Index is oscillating in the bullish range of 60.00-80.00, which confirms the activation of bullish momentum.
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