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Confluence of Support at 67.79
Crude oil may be facing a confluence of support at the 67.79 level. This potential support area is marked by the 78.6% retracement, the 127.2% extended target for a falling ABCD pattern, and a prior swing low from December 2023. Keep an eye out for a sign of strength with a rally above today’s high of 69.15, and then yesterday’s high of 69.54. Additionally, there is an unfilled gap starting at yesterday’s high and up to 70.72, making 70.72 a possible upside target if 69.54 is surpassed.
Below 67.11 Opens to Lower Prices
Looking at the price structure, an interim swing low and potential support sits at 67.11. If today’s low fails as support, we could see a move below 67.11, signaling a bearish turn of events. This would put the recent swing low at 65.65 at risk of being retested and potentially broken to the downside.
Breakdown from Large Symmetrical Triangle Intact
Crude oil broke down from a large symmetrical triangle consolidation pattern on September 3, leading to a rally back into the pattern and a subsequent second breakdown on October 14. The bearish nature of the pattern is dominating, with a potential lower target of a range from 63.67 to 63.30 if the 65.65 level fails to hold as support. This price zone coincides with the long-term downtrend line originating from the 2008 highs.
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