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
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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.