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Crude Oil Price Forecast: Drops Further into Consolidation Range
video Crude oil attempted to break out of a consolidation bottom on Wednesday with a new 20-day high of 81.00, a whole number. Resistance was quickly encountered off that high leading to a weak close yesterday, and a bearish continuation today, Thursday. Tuesday triggered an upside breakout above the 200-Day MA and downtrend line. Each was a sign of strength. However, upside follow through never happened and instead sellers took back control. chart Broadening Formation Continues to Form So, there is a potential bottom or bearish continuation broadening formation that has formed. It can breakout in either ... (full story)