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Crude Oil: Another Bearish Pattern Formed

Published 01/28/2015, 07:38 AM
Updated 02/02/2022, 05:40 AM

Crude oil has formed another bearish pattern on a 60 minute time frame. The price has formed a descending triangle and they usually break towards the downside and if we do the price projection of this triangle, we could see the price moving towards the 37 level. The volatility for the price is low as it is trading close enough to its 20 day moving average and also within the Bollinger band.

The MACD and the RSI are trading inline with the price action which means as the price is making higher high, both indicators are confirming the moves.

Crude Oil Chart

Important Zones

44.32-24.10 Support

50.28-51.39 Resistance

Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

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