Crude Oil at 2024 Yearly Open Support
Crude price have dropped into confluent support at the objective yearly open / 2024 low-day close (LDC) at 72.14/93- looking for a reaction here.
A break / daily close below would threaten another leg lower in price towards the December LDC at 69.81 and the 2023 LDC at 68.57.
Initial resistance at the July LDC near 75.22 with medium-term bearish invalidation now lowered to the objective monthly open at 78.52.
Bottom line: we are checking the bottom range of a massive multi-year consolidation pattern- looking for possible exhaustion / price inflection into this zone with the immediate short-bias vulnerable while above.
Michael Boutros
Sr. Technical Strategist
MBForex
A break / daily close below would threaten another leg lower in price towards the December LDC at 69.81 and the 2023 LDC at 68.57.
Initial resistance at the July LDC near 75.22 with medium-term bearish invalidation now lowered to the objective monthly open at 78.52.
Bottom line: we are checking the bottom range of a massive multi-year consolidation pattern- looking for possible exhaustion / price inflection into this zone with the immediate short-bias vulnerable while above.
Michael Boutros
Sr. Technical Strategist
MBForex
Note
Well, we got the exhaustion we were looking for with oil now up more than 6.1% off the lows.
Look for initial resistance along that 75% parallel with the 200DMA / monthly open just higher at 77.96-78.52- a breach there would be needed to suggest a more significant low was registered this week.
Key support steady at 72.14/93
Michael Boutros
Sr. Technical Strategist
MBForex
Note
Oil now poised to close up more than 1.5% off the lows!!Note
Correction: Oil now poised to close up more than 7.5% off the lows!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.