Crude oil prices briefly broke out of their consolidation before returning today. Conflicting news about the end of China’s zero-COVID strategy have global growth concerns back in focus.
Last week it was noted that “while further sideways consolidation may take place over the next few weeks – the terminal point of the triangle doesn’t arrive until mid-November – contextually, the breakout from the downtrend from the June and August highs coupled with the recent consolidation suggests that traders should be on alert for a topside breakout.”
Indeed, crude oil prices attempted a topside breakout last week, only to run into the October high yesterday before turning lower. Now, crude oil prices are back within their multi-month symmetrical triangle, suggesting the bullish impulse has initially failed. Momentum retains a bullish tilt, however. Crude oil prices are above their daily 5-, 8-, 13-, and 21-EMAs, and the EMA envelope is in bullish sequential order.
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