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xtremerider8

Crude Oil may fall rapidly to the 85 to 92 zone support

Short
Light Crude Oil Futures (NYMEX:CL1!)  
xtremerider8  
NYMEX:CL1!   Light Crude Oil Futures
Chart Patterns Technical Indicators Wave Analysis Crude Oil Crude Oil Futures WTI (CL1!) Energy Commodities recession Commodities inflation
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chartpattern indicator waveanalysis crudeoil cl1! energy recession commodities inflation
Crude oil futures CL1! Is making an ABC zigzag correction & may reach 92 where A=C. 88 is the 0.618 Fib retracement while 85 is the Nov2021 Top. This strong support zone will enable crude oil to retest the blue upchannel base before resuming rally thru 2022.
Crude oil is falling due to recesion fears & demand destruction. This should be temporary due to the supply issues created by the invasion & sanctions which will not go away soon.
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