The price of crude oil is currently establishing a harmonic ABCD pattern, which means that the correction is likely to head towards the bottom at point C (60.50) next.
This is further substantiated by the fact that this level is positioned quite close to the lower boundary of a major Distribution range.
The MACD indicator is already underpinning rising bearish momentum. Meanwhile, weaker global demand is also likely to support the dropdown.
This is further substantiated by the fact that this level is positioned quite close to the lower boundary of a major Distribution range.
The MACD indicator is already underpinning rising bearish momentum. Meanwhile, weaker global demand is also likely to support the dropdown.
