On the 4-hour chart, we can see that the double top pattern. It means that oil may test the neckline at the 37.07 level. If this level is broken out, the oil will decline to the next level at 35.50 as its first target and the 34.27 level as its second target. As long as the crude oil does not rise and close above the 40.43 level, this scenario is likely to come true.
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