Crude should come back down to retest from above the broken channel
Yesterday I posted a Daily chart of Crude Oil to show you why I am bearish on Crude. Today let’s zoom in to 2 hour chart to see more details.
We can see that 64.80 – 63.60 is a strong pivotal zone that stopped a number of large swings in the past. I would expect crude to come back down to the upper trend line to retest it from above. After that pullback it may push again to a higher high. But my long term outlook is bearish.
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