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Crude Oil Price Forecast: Exhaustion into Multiple Long-term Highs

March 4, 2022

Via: DailyFX
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WTI crude oil run appears to have come to a pause, at least in the near-term. Thursday’s sharp $10 turnabout indicates exhaustion in recent buying and sets it up to trade sideways to lower. Adding conviction to this notion is where the reversal occurred.

There are several peaks that were created in each year from 2011 to 2013 in the vicinity of 111 to 115. Powerful price action combined with significant long-term resistance makes for a compelling case for lower prices. At least for now.

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