A car being refueled at a gas station by Engin Akyurt via Pixabay

Crude Oil Is Looking For More Weakness

Gregor Horvat Wavetraders Wed Jul 9, 4:19AM CDT
A car being refueled at a gas station by Engin Akyurt via Pixabay

Crude oil(CL) fell sharply from above 78 dollars after Trump confirmed a ceasefire push in the Middle East, triggering aggressive selling in last few days. The drop looks impulsive, so even if this is just a counter-trend move down from 78, it still appears incomplete. Be aware of more weakness, especially after a possible wave B rally, which can be already underway, away from channel trendline support connected from the May lows. Resistance for wave B could come in around 69–70, while key support for the whole drop may be found near 59–60 dollars per barrel.

Crude Oil Is Looking For More Weakness Crude Oil 4H Chart
CL 4H Chart
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