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Crude Oil Price Forecast: Struggles at Key Support, Reversal Pattern Emerges
Downward pressure on the price of crude oil remained on Thursday. It is set to end lower for the day following an attempt earlier in the trading session to break out above Wednesday’s high. The low for the current decline was $65.50, which was $15.36 or 19% below the most recent swing high at $80.76. Since finding support crude has been consolidating above $65.50 for the past six days. The consolidation pattern has taken the form of a potentially bullish double bottom reversal pattern. An upside breakout of the pattern will be signaled on a rise above the neckline of the pattern at $68.37. At the time of this ... (full story)
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- Posted: Mar 13, 5:20pm (41 hr ago)
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 75
