Power Recovery Off Support In Crude Oil

oil etfsCorey Rosenbloom:  Crude Oil (NYSEARCA:USO) faced a major “make or break” support reversal challenge and buyers clearly stepped in at this pivotal inflection level.

Let’s take a look at what happened and update the current targeting levels for Crude Oil:

Crude Oil Futures CL WTIC Key Support Trend Reversal Bounce

The critical support/inflection level (mentioned frequently to Weekly Intermarket Strategy Members) intersected the $92.00/$92.50 level.

The support stretches back to earlier 2013 where multiple swing reversals occurred into this same support point.

After an initial swing up mid-November, price again retested the $92.00 level a final time before buyers decided to step in aggressively, defending support and springing the powerful rally of the last few sessions.

Here’s the same perspective on a TradeStation Chart:

Crude oil CL Futures TradeStation Trading Crude Support Buyer Reversal Key Inflection

We again note the $92.00/$92.50 per share critical support level which also corresponded with the lower Bollinger Band.

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