Crude’s rebound might not have much more room to run.

Crude Oil’s recent rebound from the confluence of supports at $105 (61.8% Fib, ascending channel’s T/L support and horizontal support/resistance area) might find a very hard time climbing above the confluence of resistances at $116.50. The 61.8% Fib and horizontal support/resistance area there might turn it lower again with the potential of actually breaking down from the channel and producing one more (likely last) leg lower before the uptrend resumes.

Crude Oil rebounding

Steve Voulgaridis