Power Recovery Off Support In Crude Oil
NYSEARCA:USO, NYSE:CVX Related posts: U.S. Equity Index Support and Fibonacci Target Planning U.S. Equity Index Target Checkup on Support Breakdown Is Crude Oil Ready For Further Growth? Support Bounce and Bear Traps For India NIFTY Index Daily Breakdown and Weekly Support For U.S. Dollar Index

oil etfsCorey Rosenbloom:  Crude Oil (NYSEARCA:USO) faced a major “make or break” support reversal challenge and buyers clearly stepped in at this pivotal inflection level.

Let’s take a look at what happened and update the current targeting levels for Crude Oil:

Crude Oil Futures CL WTIC Key Support Trend Reversal Bounce

The critical support/inflection level (mentioned frequently to Weekly Intermarket Strategy Members) intersected the $92.00/$92.50 level.

The support stretches back to earlier 2013 where multiple swing reversals occurred into this same support point.

After an initial swing up mid-November, price again retested the $92.00 level a final time before buyers decided to step in aggressively, defending support and springing the powerful rally of the last few sessions.

Here’s the same perspective on a TradeStation Chart:

Crude oil CL Futures TradeStation Trading Crude Support Buyer Reversal Key Inflection

We again note the $92.00/$92.50 per share critical support level which also corresponded with the lower Bollinger Band.

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Related posts:

  1. U.S. Equity Index Support and Fibonacci Target Planning
  2. U.S. Equity Index Target Checkup on Support Breakdown
  3. Is Crude Oil Ready For Further Growth?
  4. Support Bounce and Bear Traps For India NIFTY Index
  5. Daily Breakdown and Weekly Support For U.S. Dollar Index

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