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Crude oil bears in control

August 5, 2022 by Jim Wyckoff

The Nymex crude oil futures market this week dropped to a 4.5-month low and a price downtrend has been restarted on the daily bar chart. The bears have gained the near-term technical advantage, which means the path of least resistance for prices will be sideways to lower for at least the near term—until an early chart clue emerges to suggest otherwise. You will get those early chart clues on potential price trend changes in my daily markets update reports. Stay tuned! —Jim Wyckoff

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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There is a risk of financial loss in futures and options trading. Futures trading is neither easy nor an easy way to make money. It takes hard work to have success. Please use sound money management when trading futures. Past performance is not necessarily indicative of future results. Nothing on this website is intended to be a trading recommendation to buy or sell futures or options. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed. Readers are solely responsible for how they use the information on this website.

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