30-mins Crude Oil: Sellers Remain in Control

28 Nov

Oil remains in a strong downtrend, confirmed by the Death Cross, a classic sell signal. This pattern occurs when a short-term moving average (MA) crosses below a long-term MA, signaling accelerating bearish momentum. Earlier this week, buying activity led to a minor pullback, but it failed to sustain recovery. Prices hit resistance at the 38% Fibonacci retracement level and resumed their decline. A triple bottom chart pattern is forming, often a precursor to further downside. For improved risk-reward, short sellers could wait for a retest of $68.90, aligning with the 23% Fibonacci level, before targeting potential drops below $67.90.