Crude Oil Has Major Gap Fill Potential at $41, Pending A Bounce!

Crude oil has printed a massive gap on the weekly chart. We can see that price has fallen to the bottom of a triangle formation, which it is currently testing. We can also see that the light crude market is severely oversold on the weekly RSI (blue graph at the bottom.) So, since crude is so deeply oversold, and price is testing known support, I think a bounce could potentially take us back up to the $41 level, to fill the gap here on the weekly futures chart. If we see a breakdown of the triangle formation, the expectation of a gap fill would be negated, unless price was able to recover back into the triangle. So, look for support here. IF*** we get it, we could see a major surge to the $41 level to fill the gap.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-