From Dow Jones & Company:



A bearish “death cross” pattern has appeared on the charts of crude-oil futures, with the 50-day moving average crossing below the 200-DMA. This signal has not been seen since just before the plunge caused by the COVID-19 pandemic in early 2020. This could indicate potential upcoming demand destruction for crude oil.

Day traders should take note of this bearish signal in the crude oil market, as it could indicate a significant downturn in the demand for crude oil. This “death cross” pattern is a rare occurrence and has historically been a precursor to significant market moves. Traders should monitor the situation closely and be prepared for potential shifts in crude oil prices.

The appearance of this bearish pattern on the crude oil charts is a significant development that could have far-reaching implications for the market. Traders should stay informed about any further developments and be prepared to adjust their trading strategies accordingly.



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