Looking at CL1! now, a break of Friday's low is a daily-down rotation. Below $100 opens the door back down to the $96.50 area, followed by ~$93 and the 200-day.
Oil bulls have not been used to seeing /CL in a downtrend this year. However, that's the case at the moment with the 10-day acting as active resistance, while it's below all of its major short- and intermediate-term moving averages, as well as uptrend support.
Longer term, the trend still remains constructive, but /CL is currently vulnerable.
On the upside, oil needs to reclaim $105 to $105.50 to unlock $110+ but it will need to do more than that to repair the recent stress on the charts.
Oil bulls have not been used to seeing /CL in a downtrend this year. However, that's the case at the moment with the 10-day acting as active resistance, while it's below all of its major short- and intermediate-term moving averages, as well as uptrend support.
Longer term, the trend still remains constructive, but /CL is currently vulnerable.
On the upside, oil needs to reclaim $105 to $105.50 to unlock $110+ but it will need to do more than that to repair the recent stress on the charts.