September 19, 2024
We provide an update on the oil market, highlighting the break of the critical $70-$71 support range, with prices dropping to $65.27. This range was notable due to $70 being a psychological support level and $71 representing the average price paid since the April 2020 low. While prices have rebounded to retest the anchored VWAP, key moving averages present strong resistance. A potential rally to $74 or $76 is possible, but we remain cautious until prices consistently hold above $71. Rewatch our September 3rd Crude Oil Futures analysis on the significance of the Anchored VWAP: https://www.youtube.com/watch?v=6lQOwPmAhSw&t=34s
