Crude is stalling at confluence of supports
Crude oil closed last week at a key confluence of supports ~$77, while completing a double top target.
These are: the 88.6%% Fib of the last bullish leg (December 2021- March 2022), the 50% Fib of the whole move from $11 to $131 (using the continuous as a reference) and the double top target (October – November highs). What happens from here is important. An initial rebound is extremely likely but the level to watch is a back-test of $77.50. A break above that level will start pointing to a developed bottom but until that happens we have to respect the recent trend.
Crude oil correcting lower
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