Crude Oil reversing all gains manufactured by OPEC+ production cuts & Middle-East conflict premiums, while threatening to further capitulate due to growing macro headwinds leading into 2024..
Trading scenarios into EOY:
Bullish resurgence = rally above horizontal resistance line (yellow dashed) into 23.6% Fib & upper range of descending parallel channel (white) / re-test ascending trend-lines (green dotted) confluence zone.
Bearish continuation = break below previous low (~68.80) towards ~67 horizontal line (yellow dashed) / descending trend-line (light blue / lower range of descending parallel channel (white) confluence zone.
Neutral scenario = further sideways chop until next OPEC+ catalyst / key macro economic development.
Comment
US Oil chart update (Thurs 14/12):
Price action roughly bounced off descending trend-line (light blue, dotted).
Previous low ~68.77 'should' act as temp support while consolidating.
Break above ~72.13 horizontal line (yellow, dashed) to validate bullish change in trend, TBC.
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.