Crude Oil - CL

Crude has finally begun a retrace after the blow-off top into 110.53. Current retracement has been halted around the previous spike lows and the 38.2 % Fib at this point. Expect further downside pressure to target the 104.26 Hourly gap and previous wedge resistance, then ideally the 222 Ema - 240 min chart and the 50% Fib at 103.00.

Resistance will be situated at 106.73 - 240min 34 ema + R1.