Today we come in to see Crude Oil attempting to break down with strength directly into monthly support where we are anticipating seeing buyers defend. This defense was VERY heavy allowing the sellers to know they were wrong and buyers to slam the move higher.
Monthly levels are areas of HEAVY interest and this is a great example as to why that is. Huge funds and asset managers watch these types of levels and that can cause a lot of back and forth with more and more orders getting filled. The important thing is to understand where you are in the cycle and follow that directional bias!
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