Short-term outlook for crude oil prices - Vlada Kynsky

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Short-term outlook for crude oil prices
Nov 07, 2009 12:50 PM UTC

Vlada Kynsky

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Via StockWeb:

In last week crude oil prices has been traded more or less sideways and finished the week on unchanged mark. But short-term picture shows interesting development because on Friday price closed below $77,7. This level has been formed since summer this year and was support for technical pattern flag formation. The breakout didn't support bullish trend anymore and short-term outlook is more bearish now.

I agree with Adam Hewison's long term-term outlook for crude oil which stays bullish. Adam also mentions flag formation which brings "bullish breakout" but this has been reversed on Friday as a false signal.

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