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Crude Oil Price Update – Close Under $65.92 Forms Potentially Bearish Closing Price Reversal Top
Daily Swing Chart Technical Forecast The direction of the May WTI crude oil market on Monday is likely to be determined by trader reaction to Friday’s close at $65.92. Bullish Scenario A sustained move over $65.92 will indicate the presence of buyers. If this creates enough upside momentum then look for a possible retest of the intraday high at $67.79. This is a potential trigger point for an acceleration into the psychological resistance at $70.00. Bearish Scenario Taking out then moving back under the October 3, 2018 main top at $66.92 is the first sign of weakness on Monday. A sustained move under $65.92 will ... (full story)