Watching $CL around 68.50 - 69.00 support
It's been a rough few sessions for crude. We saw a pretty swift rejection from the 71.80 area yesterday, pushing us down to that 68.56 intraday low, which is still holding for now. This 68.50-69.00 zone has been important on a few occasions over the past month, acting as both resistance and support.
My current read is that if we can maintain above 68.50 on a daily close, we might see some stabilization and a potential bounce back towards 70.00-70.50. However, a decisive break and close below 68.50 would invalidate that scenario for me, opening the door for a move lower, possibly towards the 67.00 region. Inventory data and broader macro sentiment will obviously be key drivers here, but from a pure technical perspective, that 68.50 line in the sand is what I'm focused on for current positioning. I'm not looking for any aggressive moves either way until we see how this level holds.