Crude oil has been a major play for some traders over the past few months. With price, rotation ranges near $5~$7 and upside pressure driving a price ascent from below $45 to nearly $75 peaks. This upside price move has been tremendous.
Daily Crude Light Chart
This Daily Crude Light chart shows a simple price channel that correlates recent price lows into a channel and shows a Fibonacci retracement range for recent price rotations. We can see that the price of crude is holding just above the 50% retracement level right now and any breach below $70 would be a very strong downside price breakout.
Monthly Crude chart below shows us where we believe support and resistance price zones are located. You can see from the highlighted areas that resistance is located between $70~86 and support is located between $44~56 on this longer-term monthly chart.
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