Oil Spills into First Major SupportWTI has plunged more than 17.3% off the April highs with the decline responding to confluent support today at 72.14/93 - a region defined by the objective yearly open and the 2024 low-day close (LDC).
Looking for a reaction down here. . .
Initial resistance now eyed at 75.33 with bearish invalidation now lowered to 77.67 .
A break lower exposes the December LDC at 69.81 backed by the 2023 LDC at 68.527 .
Watch the weekly close here.
Michael Boutros, Sr Technical Strategist
@MBForex