WTI failed to break above March’s high at $115.90 and has formed a bearish harmonic pattern . Our view on WTI is bearish on the short term, further drop will likely test the daily uptrend line.
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Oil has moved upward due to the Ban news on Russian oil.
We will place a Sell stop under the resistance at 114 targeting 110 then 105.
We will place a Sell stop under the resistance at 114 targeting 110 then 105.