Crude Oil's Comeback Attempt 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Rachel Dashiell.
Following their largest weekly gain on record, Crude Oil futures are attempting to rebound from the sharp pullback from earlier this week.
It also marked Crude Oil’s largest trading range outside of Covid, with price hitting a high near $119 before falling to $81 — a more than 30% swing to the downside.
Now, crude appears to be carving out a cup-and-handle reversal on the hourly chart, with a measured move targeting a retest of those pivot highs near $119.
The Takeaway: After last week’s historic volatility, Crude Oil is trying to recover and looks to be setting up for another push higher.
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