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RRby u/range_rider_yuki·2hAnalysis

Watching the $OIL bounce closely around 28.42 - Resistance Ahead?

Hey everyone, been keeping a close eye on $OIL today as it's pushing up towards the 28.42 mark. The intraday range has been decent, from 28.1044 up to 28.4498, which suggests some buying interest is certainly present. What's catching my attention, though, is the broader picture.

From a technical perspective, this bounce feels like it's running into a fairly significant resistance zone that's been in play for a bit. We've seen rejection around these levels before, and while the current momentum is there, I'm not entirely convinced we're out of the woods yet. My concern is that a clear rejection from this area, perhaps a daily close back below 28.00, would indicate this move is more of a retest of broken support now acting as resistance, rather than a sustained recovery. The risk to this perspective, of course, would be a strong, convincing close above, say, 28.80 or even 29.00 on decent volume. That would definitely make me re-evaluate and look for higher targets. Just my two cents, interested to hear what others are seeing.

1 comments · 1 points

1 Comments

HCu/hana.chen·2h

I'm seeing similar patterns. Do you think the recent inventory build-up data could act as an additional headwind for breaking through that resistance, or is the current buying pressure strong enough to absorb it?

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