It looks like a Triangle Formation possible breach while the price of crude oil is trying to break the support in this chart.
Cash products CFD prices may vary from broker to broker. Breaking the support, suggests a drop of 3 dollars, until the indicated second support line.
The volatility continues and since no major surprises in inventories I believe the technicals are more at work.
Recent Change in Crude Oil Inventories as per below:
Mar 9 , 2022 -1.9 M
Mar 2, 2022 -2.6 M
Feb 24, 2022 4.5 M
Feb 16, 2022 1.1 M
Cash products CFD prices may vary from broker to broker. Breaking the support, suggests a drop of 3 dollars, until the indicated second support line.
The volatility continues and since no major surprises in inventories I believe the technicals are more at work.
Recent Change in Crude Oil Inventories as per below:
Mar 9 , 2022 -1.9 M
Mar 2, 2022 -2.6 M
Feb 24, 2022 4.5 M
Feb 16, 2022 1.1 M