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Analyst: The momentum of WTI crude oil futures is turning bearish.
Jin10 data reported on August 12, StoneX analyst Matt Simpson stated that the momentum of WTI crude oil futures is shifting towards bearish according to technical charts. This senior market analyst pointed out that a "clear bearish engulfing" weekly pattern indicates the formation of a key top, and the previous breakout above $75 per barrel was a false breakout. Furthermore, Simpson mentioned that a bearish flag pattern may have formed near the 200-week MA. Simpson added that given that futures are currently trading below the 200-week simple MA and exponential MA, and the momentum is downward, the technical outlook shows further downside potential, with a potential target of $60 per barrel.