Crude oil prices had been suffering amid news that COVID-19 infection rates were rising in China. However, a rebound transpired amid conflicting headlines regarding Russian missiles landing in Poland, a NATO member.
In the prior update it was noted that “crude oil prices attempted a topside breakout last week, only to run into the October high yesterday before turning lower. Now, crude oil prices are back within their multi-month symmetrical triangle, suggesting the bullish impulse has initially failed…triangle support comes in near 86.50, which if broken, could signal a deeper setback for crude oil prices. Otherwise, more consolidation may be ahead.
Crude oil prices did attempt to break below 86.50, but the return of geopolitical tensions surrounding Russia have helped crude oil prices return back into their multi-month symmetrical triangle. Despite meaningful price swings during November, crude oil prices are now up less than +0.50% on the month .
Momentum is now effectively flat. Crude oil prices are still below their daily 5-, 8-, 13-, and 21-EMAs, but the EMA envelope is in neither bearish nor bullish sequential order. Daily MACD is falling but still above its signal line, while daily Slow Stochastics are holding just below their median line. It remains the case that more consolidation may be ahead yet.Momentum is conflicted on the weekly timeframe.
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