Oil sellers gearing up for a push lower?

Are oil sellers gearing up for a push lower?

Hi traders. Thanks for tuning in for today's update. After yesterday's fade, oil sellers remain in control today. Today's video looks at the last several day's price action with a focus on yesterday's and today's selling.

Was yesterday's fade a warning that we could see a new test lower by sellers? The main trendline remains intact, and we have seen the fast-up trend broken and a new short-term downtrend start to form.

Levels to watch:

Resistance 74.90
Support 73.15 & 71.63

A close below 74.15 could set off a new push lower, but if we see a new higher close above resistance, this could be a warning that seller numbers are not that strong.

Good trading, and happy Tuesday.