Crude Oil Is Looking For More Weakness
Crude oil(CL) fell sharply from above 78 dollars after Trump confirmed a ceasefire push in the Middle East, triggering aggressive selling in last few days. The drop looks impulsive, so even if this is just a counter-trend move down from 78, it still appears incomplete. Be aware of more weakness, especially after a possible wave B rally, which can be already underway, away from channel trendline support connected from the May lows. Resistance for wave B could come in around 69–70, while key support for the whole drop may be found near 59–60 dollars per barrel.
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