Brief "Flash Crash" In Crude Oil

Crude Oil experienced a kind of "Flash Crash" after the close yesterday, which coincided with the meltdown of the regional banks (PACW in particular). I don't know if there is any connection other than the continued instability of the regional banking system could be a harbinger of a serious credit crunch that would no doubt, impact economic growth (think recession)-- negatively impacting demand for Oil. 

In a phrase, perhaps the PACW headlines triggered algo sell-signals in last eve's after-market? 

Be that as it may, June Crude spiked down from 68.60 to 63.64 (-6.2%)-- a new 16-month low-- in a 3-minute period from 6:15 to 6:18 PM ET, after which it ripped to the upside to 69.32 during the subsequent 2 hours of after-market trading. As we speak, June Crude is circling 68.80, up slightly from yesterday's close. 

Purely from a technical perspective, the price behavior exhibited by Crude oil since late yesterday (in fact, for the last several sessions of vertical decline) has the right look of a MAJOR Selling Climax to the entire corrective process off of the March 2022 high at 118.92 (basis the June 2023 futures contract). The "Flash Crash" low in Momentum last evening recorded 

That said, however, we need confirmation that Oil has established a significant spike low and upside reversal. For starters, any forthcoming weakness in June Crude must be contained above 63.64 to avert downside continuation that projects next to 59-61, and possibly to 53-55. Second, June Oil must CLOSE above 68.60 today to establish a Simple Upside Reversal Day (above 71.79 to put in a Bullish Engulfing Candle) that could have very positive price implications thereafter.

Intraday support rests at 67.20/40 and again at 65.85-66.50, which if violated, will greatly increase the likelihood of a full-fledged retest of last eve's Flash Crash Low." Last is 68.48...

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