SubscribeWe commit to never sharing or selling your personal informationinitially tried to rally during the trading session on Wednesday, but turned around to show signs of exhaustion., so now the next question is whether or not that head and shoulders neck line will offer support on a pullback?
The 50-Day EMA sits right underneath there as well, so if that area doesn’t hold, that would be a very negative turn of events.If in fact it does not hold, I would anticipate that the market could go down to the $80 level. It’s also worth noting that the market recently formed a little bit of a “double bottom”, and therefore it’s likely that we will look at that area as a potential floor in the market and it should offer quite a bit ofThat being said, I think the negative argument for crude oil is the fact that we are heading into a major recession, as the world economic momentum is dropping.
above, suggesting that the inverted head and shoulders pattern was of course something worth paying attention to, and therefore a lot of technical traders would more likely than not jump into the market based upon the action.Ready to trade
Source: News Formal (newsformal.com)
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