Energy prices have broken rather hard over the past eight hours, so much so we have actually done some serious technical damage to the charts. Considering we rallied up to kiss the bottom of the Optimal Trade Entry ( OTE
) Short zone, momentum was divergent and our Willy was officially 'stupid overbought', it should not surprised us to see this kind of price action. Having said that, price has broken down and if not short from the 61.8 tag (102.19), one does have a double top
price pattern to work with from about 100.89. Downside targets are initially a test of the March lows (97.34), the OTE
long sweet spot (95.33) and the bear ab=cd
target (point D. 94.36).
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