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Oil poised for new setup after correction, Patrick Karim notes

Oil poised for new setup after correction, Patrick Karim notes
Oil correction signals larger setup ahead

Patrick Karim, technical analyst at Technical Traders Ltd, highlights that oil experienced a successful play on the short-term 4-hour candle chart last week.

With oil now undergoing a correction from that earlier move, Karim indicates that a larger setup may soon be emerging.

Karim previously set long-term targets of silver surpassing $800 and crude oil exceeding $400 per barrel. In a separate analysis, he cautioned that mortgage rates may continue to rise, raising concerns for homeowners about borrowing costs. His recent market commentary follows a series of bold forecasts across commodities and rates.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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