Technical analysis of five factors on weekly NYMEX shows correction

The oil price is the foundation for inflation in expanding economies. The collapse of the typhoon flag pattern on the weekly oil chart is not a signal of a change in the trend for oil prices. The fall from near $114 to below $100 is a correction in the oil price, but it is not a change in the trend. This behavior sets a higher price target for oil as the upward trend continues.

These conclusions come from the technical analysis of five different factors on the weekly NYMEX oil chart. The first analysis feature is the typhoon flag pattern that developed after the fast rise in the oil price from $86 to $105.