Light Crude Oil Futures Update | September 23, 2024 | Klarenbach Research

In today’s update, I revisit light crude oil futures, following our September 17 and September 3 analyses.

Prices remain below the critical $70-$71 support range, which I previously highlighted as a key psychological level and the anchored VWAP from the 2020 low.

Despite recent rebounds, $71 continues to act as strong resistance, with oil currently trading at $70.40.

I explore whether oil will break through this resistance or head lower, and I remain bearish until prices hold above $72, unlike previous weeks when a potential rally seemed more likely to occur.

Rewatch our September 3rd Crude Oil Futures analysis:

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Chapters
0:00 Introduction
0:31 $CL1! - Weekly
0:57 Anchored VWAP
1:52 $CL1! - Daily
2:24 Conclusion

Disclaimer:

Trading in the financial markets involves a risk of loss. Our videos and other content produced by Klarenbach Research are for informational, educational, or entertainment purposes only and do not constitute trading or investment recommendations or advice.

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Klarenbach Research | Trent Klarenbach

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