Crude Oil Rebounds From Key Support as Gap Fill Comes Into Focus

So far we are also seeing what could be a move out of an ending diagonal, which makes me think that there is a chance the market could attack higher prices again this week with a very important resistance zone around 97 up to 100.40, where we still have that major unfilled gap from last week. As we know, whenever gaps are filled there can often be another important reversal in trend afterwards, and ideally this would happen after an A B C rebound. For that reason, it still looks like there could be a bit more time and price left before this correction is fully completed. Once this rally is over-we will once again expect further weakness.Oil production with Iran flag by EVER STOCK via Shutterstock