CL2!
CL1!
Crude oil is sitting at the confluence of the green 50 Day Moving Average and the blue Anchored Volume-Weighted Average Price from the October 25th high.
Each of these on its own often reverses the direction of the price.
The green dashed arrow outlines a bullish scenario if the price breaks through this confluence which suggests a test of the recent highs.
The red arrow outlines a bearish scenario where this confluence acts as resistance and the price moves lower to new swing lows.
If this ABC Correction completes, I have my C target at the confluence of the 0.382 Fib level and the purple VWAP from the April 2020 low.