Chartbook: US Chart Crude Oil Futures: Under pressure, 2023 year low at 63.65 in focus

Turned down from the 84.52 high at the start of Q3 and steady losses from there has seen break of the 72.50 and 67.70 support to almost fully retrace all of the 2023 rally from the 63.65 low.  

Prices has since stabilized at the 65.27 low and bounce seen correcting losses from the 84.52 high. Bearish structure from the 2023 year high at 95.00 see resistance starting at 72.00/72.50 previous lows. Gains beyond these, if seen, will open up stronger corrective bounce to resistance at the 80.00 level and extending to the 84.52, July high. The latter expected to cap gains and sustain bearish pressure from the 95.00, 2023 year high.

Lower high sought to further pressure the downside later and break of the 65.27 low will see room to retest the 63.65, May 2023 year low. Break of the latter will see continuation of losses from the 2022 year high at 130.50. Lower will see room for extension lower to the 60.00/57.00 area.