Chart of the day: Crude oil

Blake Morrow Forex Analytix

Crude’s rebound might not have much more room to run.

Crude Oil’s recent rebound from the confluence of supports at $105 (61.8% Fib, ascending channel’s T/L support and horizontal support/resistance area) might find a very hard time climbing above the confluence of resistances at $116.50. The 61.8% Fib and horizontal support/resistance area there might turn it lower again with the potential of actually breaking down from the channel and producing one more (likely last) leg lower before the uptrend resumes.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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