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Crude Oil Price Forecast: Hits Support but Bearish Momentum Remains
Crude oil triggered a bearish continuation on Thursday as it fell below Wednesday’s low to reach a new trend low of 69.37, at the time of this writing. It reached its first lower target support zone at the low of 69.46 yesterday. The price zone may hold and lead to a bullish reversal for crude or a breakdown through the range will indicate a bearish continuation. chart A breakdown from a large symmetrical triangle consolidation pattern was triggered on Tuesday, with bearish follow through on Wednesday. Wednesday’s low hit a support zone from 69.58 to 69.18. It includes the confluence of several target levels. ... (full story)
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- Posted: Sep 5, 2024 5:37pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 112
