Crude Oil: Recent Price Movement Shows a bit of a Bearish Market
Last month, crude oil has reached a high of 130.00 level, surpassing the highs back in 2011. Although fundamentals point to a bullish market, technicals show a bit of a bearish market. After price reaching a high of 130, a bearish impulse immediately took place, dropping the price back to $94 level. From there, we can see that price has consolidated and formed a descending triangle pattern.
As of now, buyers should look for at least a breakout of the pattern to the upside, perferably supported by strong bullish candles. Sellers should look for a breakout of $94 bottom level, which is the criteria for a bearish continuation.
Trade with care because any new sudden announcement from the government or news from the war could easily shake this market with big volatility.
As of now, buyers should look for at least a breakout of the pattern to the upside, perferably supported by strong bullish candles. Sellers should look for a breakout of $94 bottom level, which is the criteria for a bearish continuation.
Trade with care because any new sudden announcement from the government or news from the war could easily shake this market with big volatility.