Oil: The pullback we needed?

Mar 9

Alright, let's talk about Oil. That run-up was wild, but now we're seeing some serious profit-taking. That 'Gap Closed' area around $93.60 was a pretty clear signal that the buyers were getting exhausted.

Now, where do we go from here?

I'm looking at the anchored VWAP from the big swing low that kicked this whole thing off, and it's lining up perfectly with a high-volume node on the profile. That Point of Control (POC) right around $76-$78 is where a ton of business was done before the breakout. That's a key level.

If we can't hold that $76-$78 zone, then a full retest of that $75 value area is definitely on the cards. But if we see some real defense there, that could be a great spot for the next push higher. The overall trend is still up on the bigger picture, but this correction is exactly what we needed. Watching these levels closely.


Just my thoughts, not financial advice.

Mar 10

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We just touched the key level at $76 followed by a very strong bounce..