Oil is testing the reversal downside resistance
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Oil is testing the strong long-term 66.50-68 support zone. A clear confirmed break below 66.50 would definitely call for a downside reversal and a deeper pullback to 60. A bounce off 66.50 is required for the upside continuation.
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The weekly chart is showing a test of an uptrend support line and horizontal support confluence with 66.50 as mentioned being the last line of uptrend defense before a test of 60 in the case of a breakout below. We saw a clear break below 70.20 which is now an upside resistance,
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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