Earlier this month crude oil tested a confluence of resistance at 63.80/90. It’s the intersection of ascending channel resistance and a horizontal level that served as support during the second half of last year. The 63.80 level is also the 61.8% Fibonacci retracement of the late 2018 selloff that took oil from 76.70 to 42.40 in three months. You can see where buyers broke through this area on April 8th. However, I wasn’t buying it (quite literally). As is often the case with an upside break of an ascending level, this was a false break. At least that’s how things stand today. I posted something similar in the ... (full story)