Above is a 5-year weekly chart for September Crude Oil Futures. There is large resistance above at the 106 level. which capped our recent spike up in the last week of June with the myriad of geopolitical messes in the mid east and Russia.
Support below comes in the form of this 5-year old bull trendline. Any move down will have traders eyeing this support.
The longer and older the frame of reference on a chart development, the more significant it is. It gives both bull and bears something to shoot for and either 1) attack or 2) defend.
That is my opinion.
The intersection point of this T-Line is near 91.50 for now.
This is an area to exit/ or enter positions as each individual trader seems fit. For now its support and I would expect it to hold the first one or two times its tested. A settlement below that line on a weekly or monthly basis would be bearish.
That is all.
CER