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entropycapital

Bearish Long term Formation Crude Oil

CFDs on Crude Oil (WTI) (FX:USOIL)  
entropycapital Updated   
FX:USOIL   CFDs on Crude Oil (WTI)
Support and Resistance Triangle Fundamental Analysis Crude Oil Futures WTI (CL1!) Oil oiltrading triangleformation fundametals Crude Oil
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supportandresistance triangle fundamental cl1! oil oiltrading triangleformation fundametals crudeoil
Crude has been making lower highs consistently since the 2008 crisis. Adding to that we have immediate demand collapse due to the virus but also long term move to renewables and greener sources of energy. The weekly chart has a long term bearish triangle pattern. Expect long term support sub 20 and price oscillations till 2021 within the wedge. Currently neutral but good short on decent move toward upper range of triangle.
Comment:
Comment:
Rebound just off long term support - it seems we have found a floor
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