For the first time since late 2023/early 2024, WTI (at around $71.30/barrel) is starting to look interesting for a number of reasons. Crude fell to $68 in December 2023, drifted sideways-to-higher until February, and then rallied to almost $88 by April. Since then, oil has been in what looks like an ABC or three-wave decline, dropping to a recent low of $65 on September 10. That was the lowest price since May 2023. After peaking in March 2022 just above $130, crude has been range trading between $64 and $95 for the past two years. Back in late 2023/early 2024, the Commitment of Traders (COT) data on oil became very bullish for the first time since the summer of 2023, with commercial hedgers having a relatively high net futures position and large speculators having a low net futures position. That same positioning has occurred over the past couple of weeks. In the very near term, $72 is important resistance as a jump above that price would represent a false breakdown, would break the bearish trendline off the peak since August 12, and would represent a 38.2% retracement of the decline since early July. There are many pieces of potential chart, moving-average, and retracement resistance f