Crude’s rebound might not have much more room to run.

Crude Oil's recent rebound from the confluence of supports at $105 (61.8% Fib, ascending channel's T/L support and horizontal support/resistance area) might find a very hard time climbing above the confluence of resistances at $116.50. The 61.8% Fib and horizontal support/resistance area there might turn it lower again with the potential of actually breaking down from the channel and producing one more (likely last) leg lower before the uptrend resumes.