Crude Oil Finally Catches Resistance, Pullback Potential
Highlighted this resistance level a couple of weeks ago when it first started to come into play. It's a big level, 50% marker of the 2001-2008 major move.
And for three weeks now this level has helped to hold the highs. There's also been a pretty consistent show of support around the 80 handle.
At this stage all that's clear is the potential for pullback, and there's a big zone of support potential around prior resistance in the ~75 area. But, if buyers can't defend there could be stage for more.
Breach of last week's low at 79.40 opens door for a move down to 76.72, the topside of the support zone.
And for three weeks now this level has helped to hold the highs. There's also been a pretty consistent show of support around the 80 handle.
At this stage all that's clear is the potential for pullback, and there's a big zone of support potential around prior resistance in the ~75 area. But, if buyers can't defend there could be stage for more.
Breach of last week's low at 79.40 opens door for a move down to 76.72, the topside of the support zone.
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