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WTI's recent bounce – watching that 78.50 area closely
Been keeping an eye on crude, specifically WTI. We had a pretty decent bounce off the lows recently, which was good to see after the earlier chop. Right now, I'm watching the $78.50 area as a pretty significant resistance. It's not a hard line, more like a zone, but it seems to have acted as a pivot point a few times on the daily chart over the past few weeks.
My take is that if we can sustainably break above that $78.50 mark, we could see a push towards $80-$81. However, if it holds, I wouldn't be surprised to see a retest of the lower $70s. The risk for me right now is a sharp rejection from this level, especially if we see any fresh macro headwinds. Just sharing what I'm seeing on my charts.
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