Below is a daily chart of crude. We are above the 50 SMA, and throughout August, have been trading in a range after the big move that occurred in July. Is this basically a flag pattern, in which the current trading range constitutes a consolidation and perhaps re-accumulation phase that will pave the way for another breakout? Oil prices are especially important to asset prices, as economic output is still deeply tied to oil prices.
by Simit Patel via InformedTrades
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