’Bear Flag’ Signals Oil Drop to Near $60: Technical Analysis
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Crude oil is set for a drop to near $60 a barrel, extending a descent started in May, according to a technical analysis by independent analyst Jim Stellakis.
“Last month’s breakdown in crude oil is continuing the longer-term bearish pattern which was started by the May decline,” Stellakis said. The bear flag pattern is signaled after a break occurs below a rising trading range.