Crude Oil Futures ~ November TA V2 (4H Intraday)

CL1! chart mapping/analysis.

Note: TradingView chart B-ADJ adjusted for contract changes.

What's on the chart:

• Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe.
  
• Descending parallel channel (white) emphasizing current downward trend since late September peak.
  
• Fibonnaci levels highlight key support/resistance zones.
  

Short-medium term outlook:

• Sharp reversal (short-squeeze?) from over-selling after breaking out lower range of parallel channel (white).
  
• Bullish reversal = rally back above 50% Fib.
  
• Bearish continuation = further selling below previous low towards 78.6% Fib / lower range of parallel channel (light blue) confluence zone.
  

Watch for commodity trading trend/sentiment in either direction - leading into upcoming OPEC+ decision re: 2024 supply cuts, TBC.