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Oil Price Forecast: Crude Collapses- Oil Spill Searches Support
Oil prices are in freefall with crude spilling more than 13.3% off the yearly highs to erasing the entire September rally. A reversal off uptrend resistance is now challenging a larger break and the battle lines are drawn heading into the close of the week / start of Q4. These are the updated targets and invalidation levels that matter on the WTI weekly technical chart. Technical Outlook: In last month’s Crude Oil Price Forecast we noted that, “A three-week rally of nearly 17.5% now takes price into uptrend resistance at the upper bounds of the ascending July channel. The immediate upside may be limited here ... (full story)