Watching $CL around current levels
Been keeping an eye on crude, specifically the $CL futures. We've seen a pretty consistent move lower lately, and the break below 70 yesterday was significant for me. Now, trading around 67.87, it feels like we're consolidating a bit. The key level I'm watching closely is that 67.50-67.60 zone; if it breaks and holds below there, the next leg down could be quite aggressive.
On the flip side, a strong reclaim of 68.50, especially if accompanied by volume, would make me question the bearish bias in the short term. The risk for my current read is definitely a quick reversal back above 69, which would suggest this breakdown was a fakeout. Just observing for now, no strong convictions either way yet until we get more clarity around these levels.
I'm new to futures, so this is really helpful to see how people analyze these. Do you usually watch for a retest of those broken levels, or is it more about the next support/resistance?