So… Crude appears to have kaput and broke down quite a bit. Changed outlook, and the triangle has been readjusted and immediate target at 84 for the week ahead; and lower to 70 if the downside momentum continues.
With the long weekly candles (momentum), slicing through the weekly 55EMA, breaking down the support ranges, and alignment between the weekly and daily technical indicators; and in addition, a trend change pattern breakdown as well. These, together with this past week’s breakdown, and the breakdown of the earlier triangle, more downside can be expected, as far down as 70.
That is what the chart is telling right now…
A very interesting, and admittedly, unexpected outcome for an energy commodity. Perhaps the spectre of a recession is that overwhelming.