BlueHatInvestor

US Oil ~ Macro Headwinds > Market Intervention (1H)

Short
BlueHatInvestor Updated   
TVC:USOIL   CFDs on WTI Crude Oil
USOIL chart mapping/analysis.

Crude Oil reversing all gains manufactured by OPEC+ production cuts & Middle-East conflict premiums, while threatening to further capitulate due to growing macro headwinds leading into 2024..

Trading scenarios into EOY:
  • Bullish resurgence = rally above horizontal resistance line (yellow dashed) into 23.6% Fib & upper range of descending parallel channel (white) / re-test ascending trend-lines (green dotted) confluence zone.
  • Bearish continuation = break below previous low (~68.80) towards ~67 horizontal line (yellow dashed) / descending trend-line (light blue / lower range of descending parallel channel (white) confluence zone.
  • Neutral scenario = further sideways chop until next OPEC+ catalyst / key macro economic development.
Comment:
US Oil chart update (Thurs 14/12):
  • Price action roughly bounced off descending trend-line (light blue, dotted).
  • Previous low ~68.77 'should' act as temp support while consolidating.
  • Break above ~72.13 horizontal line (yellow, dashed) to validate bullish change in trend, TBC.