Short
Oil Broadening Wedge Pattern
Updated
A Broadaging wedge can be seen on the graph. If the pattern is to play out, it would need to retest the higher bounds of the formation before a correction. This would also lead to a bearish divergence forming on the RSI as we would have a higher High on price with a lower high on RSI. I will be waiting to trade on confirmation.
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Black Swan Event. Russia Invading Ukraine will certainly cause a macro shortage of oil.
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