Crude oil has been unable to breach the supply region established in March 2022 in the $120+ range.
It's also having a hard time establishing ground above the 2011-2014 supply zone - price action above seems distributive with selloffs underneath carrying significant weight.
That said, given the macro climate it's unlikely crude breaks down from this range for an extended amount of time, we are targeting a re-test & sweep of the lows to cap downside - no lower than $90-$92 region.
OptionsSwing Analyst
Will Nozick
It's also having a hard time establishing ground above the 2011-2014 supply zone - price action above seems distributive with selloffs underneath carrying significant weight.
That said, given the macro climate it's unlikely crude breaks down from this range for an extended amount of time, we are targeting a re-test & sweep of the lows to cap downside - no lower than $90-$92 region.
OptionsSwing Analyst
Will Nozick
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Education first, profits second.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.