Crude has recently broken its multi-year support level at $67. A retracement back toward that level is probable to cap any upside. The aligning overhead previous POC, Fib, and bearish descending wedge breakout argues for further continued weakness over the medium term.
The longer term target level of $45 coincides with previous resistance following the all time lows rebound in 2020, and also an untested POC at ~$43.75.
The longer term target level of $45 coincides with previous resistance following the all time lows rebound in 2020, and also an untested POC at ~$43.75.
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