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Market Extra: A ‘death cross’ and a ‘golden cross’ are forming in oil prices—at the same time

The crude-oil market finds itself at a crucial inflection point, just 48 hours away from a highly anticipated OPEC meeting set for Thursday in Vienna.

A move higher could propel oil futures into what chart watchers deem a bullish pattern, but prices could also unravel for West Texas Intermediate crude trading on the New York Mercantile Exchange for July delivery CLN7, +0.70%

Two chart patterns are forming almost simultaneously from oil’s recent gyrations. A so-called bearish death cross, which is when the short-term trading average of an asset slips below its long-term average. Oddly, the opposite could also occur.

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