Crude Oil Hits a Ceiling — Will This Confluence Break or Bounce?Price tapped the 65.2 resistance zone (yellow line) and immediately pulled back — showing some hesitation around that confluence of resistance (horizontal + trendline).
This zone has acted as a ceiling before, and now it's back in play.
What I’m Seeing:
- Clean rejection from 65.2
- A clear rising trendline still holding below
- Bearish wicks showing early signs of hesitation
- Confluence of red and green trendlines (compression forming?)
Trade Plan (Not Financial Advice):
I’m personally watching for either:
✅ A strong break above the confluence for possible long entries
❌ Or a rejection followed by confirmation for a short setup
The breakout could be clean — or it could trap bulls/lure bears… staying patient.
Levels in Play:
- Resistance: 65.2
- Support: 63.5
Possible breakdown below the green TL could shift the short-term bias
No setup, no trade.
My edge is in waiting — not chasing.
Cheers!
pClem Trades
