July 19, 2024

Crude oil sees first real ‘death cross’ since the pandemic plunge of early 2020

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Charts of crude-oil futures have just flashed a bearish signal the likes of which hasn’t been seen since just before the plunge that preceded the demand destruction caused by the COVID-19 pandemic in early 2020.

A bearish “death cross” pattern appeared Tuesday, with the 50-day moving average for crude futures CL.1 CL00 crossing below the 200-DMA.

The…

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