Failed Breakdown for Crude Oil? 🌤️ The Morning Print

Good morning! 

Crude Oil posted its strongest weekly gain since the start of the Iran conflict last week.

The move came after the U.S. renewed its campaign in the region, with strikes continuing throughout the weekend.

Crude Oil futures have now rallied back into a key area of former support.

If that level is reclaimed, then we're looking at a failed breakdown, a setup that could result in a fast move higher.

Meanwhile, the Energy Sector ETF (XLE) has shown resilience.

XLE managed to hold its support level even as crude broke lower, which shows the strength of Energy stocks relative to the commodity.

That said, if Oil breaks down here, a lower high in XLE remains a big possibility.

So far, Crude Oil is trading flat to start the week, and I'll be watching closely to see how price reacts from here.