Commodities Analysis and Opinion
Crude Oil Moves: Prepare to Act on Break or Bounce from Key Levels
2024.11.15 11:10
is testing a T/L support that has been holding since September. Between this and the L/T channel’s T/L resistance WTI is trapped in a symmetrical triangle. The medium-term trend is clearly lower (because of the channel).
A break below $67.50 opens more D/S with $65.65 being the first target. Until that happens respect the possibility of another rebound from the trendline. Resistance is now at $73.20.
