Commodity

USOIL (WTI): Short term technical Rebound?

After our corrective structure breakout (ABCDE Pattern), the trend is bearish on daily chart, but at the same time, in long term we are still considering this whole bearish leg started in March 2022, as a corrective structure (ABC Pattern) of a large bullish impulse structure (12345). That said, our daily chart view remains the same, and after a potential short-term technical rebound (see intraday chart analysis below), Price Action should approach around the $62 area.

 

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