Crude Oil About To Decline 50% Following Triple Top
Chris Kimble | Mar 19, 2021 10:45AM ET
Is the stage set for crude oil to experience a decline of at least 50%? It's possible.
This chart looks at crude oil on a monthly basis over the past 20 years.
Crude oil created a triple top over a two-year period (2012 -2014), then selling pressure drove it down nearly 70% in the next two years.
Crude oil could be creating another triple top over the past two years.
So far this month, crude looks to be attempting to create a bearish reversal pattern. The month is far from complete at this time. Where crude oil ends the month, could send a very important message from this key commodity.
If support breaks at (1), look for selling pressure to push crude oil lower.
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