Crude Oil Back at Pivotal Support
WTI is back at a major support pivot we've been tracking for months now at 77.56/67.
A weekly close below this threshold would be needed to invalidate the yearly uptrend and exposes a possible plunge towards 75.33 and the yearly Low-day close at 72.93.
Key resistance steady at the 200-day moving average / 38.2% retracement at 79.89-80.01.
Moment of truth for the bulls - watch the weekly close here. .
Michael Boutros
@MBForex
A weekly close below this threshold would be needed to invalidate the yearly uptrend and exposes a possible plunge towards 75.33 and the yearly Low-day close at 72.93.
Key resistance steady at the 200-day moving average / 38.2% retracement at 79.89-80.01.
Moment of truth for the bulls - watch the weekly close here. .
Michael Boutros
@MBForex