CRUDE OIL Bearish Shark and Potential Bearish Correction
In our previous forecast, we have mentioned that the Crude Oil prices will meet 69.50 and 70.25 – based on the falling wedge pattern –
You can view the previous setup: CRUDEOIL FALLING WEDGE
Crude Oil prices tested 70.50 – The midterm descending trendline resistance and completed a Bearish Shark Harmonic Pattern at D 70.50 – Fib 1.27 of XC.
Crude Oil ended week at 69.87. ( Stop Loss of this trade must be above 70.50 )
Potential Bearish Correction to Fib 23.8 and 38.2 of CD.
Target Levels: 69.20 and 68.20
- Crude Oil Prices need to break below 69.50 support first. Breakout of 69.50 will confirm us the bearsih correction.
- Descending trendline must be broken for the Bullish continuation.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
Crude Oil Bearish Shark Harmonic Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility