Crude oil’s downturn in the past weeks/months to break past key resistance areas increases the odds of an extended period of sideway range.
On the monthly continuous contract charts, despite repeated attempts in early 2022, WTI crude oil couldn’t decisively break past the 2011 high of 114.83. Furthermore, the bearish crossover by the Moving Average Convergence Divergence indicator (MACD) verifies that medium-term upward pressure has faded somewhat (though still bullish as MACD remains in positive territory). Bearish crossovers in positive territory symbolize that bullishness is easing but are not overtly bearish, and vice versa.
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