Has been going down for a while now.
We've been consolidating near the bottom for a while, and the setup looks promising for a breakout. Fundamentals support this: energy demand is rising, and commodities are becoming increasingly scarce. Technically, we see a double bottom and a head-and-shoulders pattern. Price action is tightening into a pennant-like formation, suggesting an imminent move.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.