September 25, 2024
In today’s update, I revisit light crude oil futures, following our September 17 and September 3 analyses. Prices remain below the critical $70-$71 support range, which I previously highlighted as a key psychological level and the anchored VWAP from the 2020 low. Despite recent rebounds, $71 continues to act as strong resistance, with oil currently trading at $70.40. I explore whether oil will break through this resistance or head lower, and I remain bearish until prices hold above $72, unlike previous weeks when a potential rally seemed more likely to occur.
Rewatch our September 17th Crude Oil Futures analysis: https://www.youtube.com/watch?v=p3k0igiiD9M&t=4s
Rewatch our September 3rd Crude Oil Futures analysis: https://www.youtube.com/watch?v=6lQOwPmAhSw&t=34s
