Chartbook: US Chart Crude Oil Futures: Extend losses from June high

Consolidation above the 65.00 level at the start of Q3 has given way to renewed selling pressure to extend rejection from the 78.40, June swing high. 

Pullback has since steadied at the 61.45 low but bearish momentum from the June high threatens break to further extend losses within the bear channel from the September 2023 year high and retrace the April/June rally. Lower will see room for extension to support at the 60.00 psychological level. Break here will return focus to the 55.15 low. Below the latter, if seen, will further extend losses within the 4-year bear channel to the 50.00/48.00 area projected to the end of the year. 

Meanwhile, resistance is lowered to the 65.00/66.00 congestion area. Break here will open up room for bounce to the strong resistance at 70.00/70.50, psychological level and July swing high, which is expected to cap corrective bounce.