Oil nearing a macro level of support!

Crude oil is honing in on a massive level of support that IMO, should not be taken lightly. With multiple high level trend lines all crossing in an important zone of confluence, I believe this could be tradable if we get a confirmed technical swing failure above the Sept. lows. We are also closing in on the 200 SMA.

Also important to add that we are down $18 (19%) since the 7th of Nov., that is a huge move to the downside in a short amount of time.

Here are some nearby targets and LT targets:

ST Targets: 79.60, 83, 86.35-87 (local GP)

LT targets: 93.65, 97.45, 104.75-106.35 (macro GP)

Good luck!

Trade active:

Crude already making a big move to the upside, not sure if I trust it. Think we could test this support zone once more. I did close some of the position because of how quick the pump was.

Comment:

This level offered another great trade opt.