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 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?