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Oil in Downward Channel, Bearishness is Expected

October 16, 2011 at 21:39 by Vladimir Vyun

The oil price entered the downward channel, promising a bearish tendency for the commodity. For those traders, who wish to follow the bearish trend, the green line shows a potential target where traders may start taking profit. In case the prices close above the channel a breakout is likely occur. In such case the red line would point at a potential stop-loss level. Traders should remember that fundamentals, especially the situation in Europe, currently have a great impact on the commodity market, so they may interfere with technical analysis and should also be taken into account. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for oil, please feel free to reply below.

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