Home Daily Analysis Charts / Trade Ideas Crude Oil Hits our Bearish Target

Crude Oil Hits our Bearish Target

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Crude Oil (CL) met the first bearish target at $51.55 as was commented in our long-term wave analysis on July 28 (read more). In our previous post, we mentioned the formation of a flag pattern, which called for a new decline. Once the price made a bounce completing a three waves sequence, the price started to continue the bearish path.
Long-term, we continue expecting more drops, so we don’t discard for CL a visit below the psychological $50 level.

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