Chartbook: US Chart Crude Oil Futures: Extending break of 80.00/78.40 support

Volatile trade below the 119.50 March fresh year high has given way to renewed selling pressure in Q2 to leave a lower high at 117.63 April high. Choppy trade from the latter see prices retracing gains from the 55.00, December 2025 low.

Subsequent break of the 2025 year highs at the 80.00 figure and 78.40 June high open up room for deeper pullback to the 72.85, 76.4% Fibonacci level. Lower still, will see room for extension to strong support at the 70.00 congestion and 65.00 level as well as 2023/2024 year lows. Would expect this area to underpin and give way to consolidation. 

Meanwhile, resistance is lowered to the 90.00 congestion which extend to the 95.00, 2023 year high. This area is expected to keep corrective bounce in check and sustain losses from the 119.50 March current year high.