US Oil ~ Macro Headwinds > Market Intervention (1H)

USOIL chart mapping/analysis.

Crude Oil reversing all gains manufactured by OPEC+ production cuts & Middle-East conflict premiums, while threatening to further capitulate due to growing macro headwinds leading into 2024..

Trading scenarios into EOY:

• Bullish resurgence = rally above horizontal resistance line (yellow dashed) into 23.6% Fib & upper range of descending parallel channel (white) / re-test ascending trend-lines (green dotted) confluence zone.
  
• Bearish continuation = break below previous low (~68.80) towards ~67 horizontal line (yellow dashed) / descending trend-line (light blue / lower range of descending parallel channel (white) confluence zone.
  
• Neutral scenario = further sideways chop until next OPEC+ catalyst / key macro economic development.
  

Comment:

US Oil chart update (Thurs 14/12):

• Price action roughly bounced off descending trend-line (light blue, dotted).
  
• Previous low ~68.77 'should' act as temp support while consolidating.
  
• Break above ~72.13 horizontal line (yellow, dashed) to validate bullish change in trend, TBC.