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Crude Oil Double Top Setting Up?

By Day Traders GroupStock MarketsAug 19, 2021 12:03AM ET
www.investing.com/analysis/crude-oil-double-top-setting-up-200599307
Crude Oil Double Top Setting Up?
By Day Traders Group   |  Aug 19, 2021 12:03AM ET
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In the short term a potential Double Top

A potential double top in crude oil could be setting up with the price of crude testing the "neckline." Any close below that neckline would "confirm" the potential Double Top as a valid pattern, should price close below the neckline. That hasn't happened yet, however, options investors could be positioning for a break down according to recent options alerts data.

Here's the visual:

Oil Chart
Oil Chart

Crude oil got rejected at the 61.8% Fibonacci confluence drawn from the Christmas 2020 highs to the May 2020 lows/ A close below the neckline would also increase the likelihood of a 200 day moving average and Fibonacci confluence re-test near $59 or less per barrel level.

Any close below the 200-MA would leave crude oil vulnerable to a re-test of the January swing lows. Options data shows that options traders are gravitating toward the the Jan. 22 and October (NYSE:USO) put options with the 40 and 43 strike respectively.

This article was originally published on The Day Traders Journal

Crude Oil Double Top Setting Up?
 

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Crude Oil Double Top Setting Up?

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Disclaimer: Options alerts and other details on specific stocks or technical analysis posted in these articles including stock option alerts are posted for educational purposes only and not to be construed as investment advice, for more information visit: http://www.daytradersgroup.com/
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