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Moreover, the concept of support and resistance levels is critical. Support levels are price levels where the price tends to find buyers, and resistance levels are price levels where the price tends to find sellers. These levels are often formed by previous price highs and lows. When the price approaches a support level, it may bounce and move higher; when the price approaches a resistance level, it may reverse and move lower. Identifying these levels can help you determine potential entry and exit points for your trades, as well as set your stop-loss orders to manage risk effectively. Remember, **WTI price charts** are your friend.
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