Technically speaking, crude has multiple downtrend lines bearing down on price, meaning the futures have a negative inclination at this point in time. Crude futures also face topside technical barriers in the form of 12/8 and 11/26 highs along with the psychological $75/bbl level. As for the downside, we've installed a new uptrend line running through intraday lows. That being said, if our 1st tier uptrend line doesn't hold, we could see a retracement towards September lows. The futures do have a few technical cushions separating present price from these September lows, including the psychological $70/bbl level along with October lows.
Resistances: $71.55/bbl, $72.04/bbl, $72.49/bbl, $72.89/bbl, $73.46/bbl, $73.82/bbl
Supports: $70.65/bbl, $70.32/bbl, $70.03/bbl, $69.66/bbl, $69.24/bbl, $68.74bbl
Psychological: $70/bbl, $75/bbl, October and September Lows
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