Crude oil: Flowing southward

Crude oil had crossed the medium-term falling trendline but couldn’t build upon the gains. The oil was trading above it for the last few weeks. Structurally, it formed a distribution triangle there and has broken down. It has also broken a medium-term rising channel recently. The daily as well as the weekly momentum indicators have triggered bearish crossovers. Thus, the price is expected to fall till $99-$96. The reversal can be trailed above the key daily moving averages, ie $106.50.


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