The volatility that has stirred in the broader financial markets doesn’t full encompass the retreat in a range of ‘risk’ assets that we have seen for some weeks. That erosion has hit many of the Ye.
Crude oil managed to stabilize its dramatic bearish trend this past week, but the current continues to carry the commodity lower. The tipping point for this commodity stands very prominently at 62..
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Crude Oil Progressive Bull Trend Confronts 6-Year Resistance: Break or Hold?
2021-07-10 04:00:00
John Kicklighter,
Chief Strategist
Crude Oil Technical Forecast Talking Points:
Crude oil closed Friday in the red, breaking a run of six consecutive weeks’ advance
The prevailing technical trend is still firmly bullish until there is a break below the 50-day moving average and trendline support stretching back to November at 68
Volatility from this past week coincides with a general risk market shudder but the stall at 76 exerts technical weight in a long-term double top and Fib
What time frame you evaluate a market on can render a very different perspective on what bearing and tempo you register. Crude oil on a weekly or month chart looks like it is powered by a momentum-backed bull run. However, on the daily and lower periodicity charts, there is a more prominent sense of reluctance recently that bestows greater weight to an already impressive technical overhead at 76.00. Bef