1
CHby u/chrislee·4dAnalysis

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.

3 comments · 1 points

3 Comments

LGu/lan_goh·4d

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?

1
DMu/diaz_manuela·4d

I'm seeing similar patterns on my charts for CL. That 67.50 level has been quite sticky, and a break there would certainly open up more downside potential. Are you watching any specific volume indicators for confirmation if it breaks?

1
IAu/iahmed·4d

Interesting take on CL. What makes you think 67.50-67.60 is such a critical zone? Are you looking at previous support/resistance there, or something else?

1

More like this