Light Crude Oil Futures broke below a descending triangle and re-tested the breakdown level on volume twice as high as the 50 day moving average (daily chart). I anticipate a 40–50% decline to approximately $30–40 over the next 6–12 months, despite geopolitical tensions in the Middle East. This move aligns with a broader macro correction. Long-term, I remain bullish on oil.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.