Chartbook: US Chart Crude Oil Futures: Extending gains from the July low

Staged recovery from the 67.00 low at the start of Q3 to retrace sharp losses from the 119.50, March current year high. Choppy trade has seen gains to reach resistance at the 104.00/105.00 area. 

Higher still, will see room to the 107.00 level and 76.4% Fibonacci retracement and 110.00 level. Overbought daily and weekly studies suggest reaction here can be expected though break here cannot be ruled out to extend bullish momentum from the July low. Above the 110.00 level, if seen, will open up room for extension to strong resistance at the 115.00/120.00 area.

Meanwhile, support is at the 80.00 level and this extend to 78.40 June high. Below here will return focus to the downside for retest of the 70.00 figure then the 67.00 July low.