Group 1 - The rally high of crude oil reached $62.39, completing a 141.4% projection for a rising ABCD pattern before sellers regained control [1] - A significant breakout occurred when crude oil surpassed the 127.2% target at $61.86, indicating strong bullish momentum [1] - The 200-day moving average remains an upside target, with a larger price range projected up to $63.24 [1] Group 2 - Thursday's decline marked the first pullback after recent breakouts, with key resistance areas being tested for support [2] - The double bottom breakout and daily close above $60.56 provided bullish trend reversal signals, suggesting potential for further gains [2][3] - Crude oil tested support near the double bottom pattern breakout level at $59.00 and the 50-day average at $58.67 [3] Group 3 - The near-term risk for crude oil hinges on holding recent lows, with the 20-day average at $58.17 serving as a potential support area [4] - A drop below the 20-day average could jeopardize recent bullish signals, particularly if it falls below the second bottom at $55.82 [4] Group 4 - A new weekly candle will be completed, and a bullish continuation requires a weekly close above last week's high of $59.83 [5] - If the week ended today, it would show a bearish inverted hammer doji with a close in the lower third of the range, indicating potential weakness [5]

Group 1 - Strong short-term demand for crude oil is indicated by a wide range green candle, with a potential for higher prices if it closes above $58.61 [1] - A potential higher swing low in gold suggests an increased likelihood of breaking through the $59.00 resistance area, which would confirm a trend reversal [2] - The first target zone for an upside breakout in crude oil is identified at $60.56, with further targets at $60.77 and $61.87 based on the ABCD pattern structure [3] Group 2 - The weekly chart shows early bullish reversal signals, with a potential bullish engulfing candle indicating strength if crude oil remains strong into Friday's close [4] - A weekly close above last week's high of $58.65 would confirm a one-week reversal, countering previous bearish sentiment from the last two weeks [4]

Support and Downside Targets - The recent swing low of $62.19 marks critical near-term support, with a decisive break below this level confirming a continuation of the broader bearish trend [1] - The next lower target is projected between $60.66 and $60.60, aligning with a 78.6% Fibonacci retracement and a measured target from a falling ABCD pattern [1] - A deeper bearish objective is indicated at $57.71 based on a 100% projection of the same ABCD structure [1] Signs of Potential Reversal - Recent consolidation suggests that bearish momentum has temporarily stalled, opening the possibility for a short-term bullish reversal [2] - A small double bottom pattern has developed, with a breakout signal triggered on a move above last Friday's high of $64.18 [2] - If confirmed, this could lead to a test of resistance near the 20-Day moving average, currently at $65.78 [2] Key Resistance Zone - The resistance area is significant due to an anchored volume weighted average price (AVWAP) line from the June trend low, currently at $65.53 [3] - This AVWAP served as reliable support until it was broken to the downside on August 6 [3] - A rally back into this area would mark a critical test for bulls, as reclaiming the 20-Day average and AVWAP is essential to shift momentum in their favor [3] Outlook - Crude oil remains trapped between support at $62.19 and resistance at $64.18, requiring a breakout beyond either boundary for momentum improvement [4] - Traders can expect further consolidation within this range, with the broader bias continuing to favor the bears [4]

Group 1 - The 50-Day support line is currently at risk, having been tested twice since the breakout in June, with the first test resulting in a bullish hammer candlestick pattern [1] - A significant resistance was encountered at the 200-Day moving average after a sharp advance, indicating a successful test of resistance at the lower rising trend channel [1] - A bear flag pattern was triggered with the breakdown below the lower channel line, indicating potential bearish momentum [1] Group 2 - There is a notable support zone between $65.65 and $65.00, which has previously acted as both support and resistance, including an AVWAP level from the April low [2] - Crude oil found support and bounced from the AVWAP line during a sharp drop from the trend high four weeks ago, reinforcing the significance of this support zone [2] Group 3 - A decisive decline below $65.00 could lead to the 61.8% Fibonacci retracement level at $64.50, with a potential further decline to the 78.6% retracement at $60.71 [3] - An ABCD pattern suggests a potential target of $64.42, aligning with the 61.8% Fibonacci level, indicating a critical price area for future movements [3] - The behavior of the market after reaching the $64.50 area will be crucial, as strong support may lead to a bounce, with recovery speed of the 50-Day MA being a determining factor [3]

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