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Crude

Crude

Crude is within an important wedge pattern. If prices can break above the wedge pattern we could see a big run up to 56 (closing a previous gap down) and then up to 62 (recent highs). Failing this, if crude breaks the lower wedge we could see prices come down to retest mid to low 30s.

With long interest at around 70% I expect some downside pressure until the % neutralizes. I will use smaller intra-day time frames to look for trade set ups within the wedge pattern,