Oil in Free Fall
Oil prices broke below key support last week and has now cleared the 2023 consolidation pattern. Broader technical outlook remains weighted to the downside while within this formation.
Initial support hurdles here at the 2020 high at 65.62 and the 2023 swing low at 63.62 - both levels of interest for possible price inflection.
Initial resistance now back at the 2023 low-day close at 68.57 backed by 72.14/93. Bearish invalidation now lowered to the objective monthly open at 72.93.
Michael Boutros
Initial support hurdles here at the 2020 high at 65.62 and the 2023 swing low at 63.62 - both levels of interest for possible price inflection.
Initial resistance now back at the 2023 low-day close at 68.57 backed by 72.14/93. Bearish invalidation now lowered to the objective monthly open at 72.93.
Michael Boutros
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