Oil futures recently broke down from a long-term wedge, following a failed breakout at the start of the year, and a recent death cross of its 50/200 weekly EMAs and MAs.
It looks to flip long-term bearish here unless we see a rapid recovery of the wedge, the EMAS/MAs and a subsequent breakout.
It could lose half its value or even 2/3rds if it hits TP 1 and then TP 2 over the next weeks and months to come.
It looks to flip long-term bearish here unless we see a rapid recovery of the wedge, the EMAS/MAs and a subsequent breakout.
It could lose half its value or even 2/3rds if it hits TP 1 and then TP 2 over the next weeks and months to come.
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