Oil prices may have exhausted this week with WTI marking the largest weekly loss since November. Get your weekly oil forecast from MBForex here:
.” Prices briefly registered an intraday high 129.41 this week before reversing with WTI now set to close back below confluent resistance at the 2013 / 2011 swing highs atWe want to again point to the August 1990 price parallel as the last instance price saw weekly momentum surge to this level.
A deeper study in volatility also highlights a extreme in the objective weekly range- the last time we saw a single week ATR reach this level was back in September of 2008. The more price parallels you look at, the deeper the conviction for expectations a period continued extreme volatile as price discovery works its way through.-proper with a break back below former slope resistance / turned support needed to suggest a more significant high is in place.
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