CL1!: Watch for the rebound

CL1! has completed the stretch price objective for a channel breakdown at 1.382x. This price objective also ties in with an ABCD completion from the Apr peak.

You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside.

Normally on a breakdown or break-up, we would expect to see a retest of the previous support/resistance. In this case, a potential retest would be the $61.20 level which coincides with the 61.8% retracement level.
Chart PatternsCrude Oil Futures WTI (CL1!)Double BottomdoublebottomreversalHarmonic PatternsTrend Analysis

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