Oil Still Not in Good Shape – $42 to $40 target

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Oil has surged recently but currently trades at the top of a descending channel. It has been consolidating there for several sessions. A pop above the consolidation is possible within the next week, but over the next month I expect oil prices to decline back toward the bottom of the channel at $42 to $40.
WTI continuous daily chart
While a breakout above the descending channel would be a positive thing, there are a couple…

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