How will Crude Handle Higher Prices?

This is just a rough sketch of what I thought might be a possible way that crude may unwind in the coming weeks. At the moment, we seem poised to make new all time highs, however the sellers have made strong pushes before any real ground is made in uncharted territory. We may be more successful this time around and push possibly all the way up at 145-50, however I anticipate buying to be short lived in this territory and sellers to push us back in to the multi week balance, and mother bar that has been developing since the beginning of the War in Ukraine.

Comment:

If we see another major sell off like we had in march, we could find a bottom as low as 92.39, however to get below that price given the current lack of supply in the markets will be difficult. If we make a final push after revisiting the 90's again, I anticipate a lower failed high, that begins see us back down to more tolerable oil prices