Chart of the Day - Monday, June 23, 2025

🏆  Today's Chart of the Day was shared by Barchart (@Barchart). 
   

• Crude Oil reversed sharply lower today despite escalating tensions with Iran over the weekend. Futures closed at $68.50 per barrel, dropping over -7% on the day and nearly -13% from an intraday high of $79.
   
• Futures initially gapped higher by +5.6%, opening at $78 per barrel on Sunday evening. However, price immediately met resistance at $79, before bleeding lower throughout the day. 
   
• Crude broke a 14-month downtrend line today, but closed decisively below it, marking a Failed Breakout. Sentiment turned feverish this weekend, but bulls are now trapped until this trendline gets repaired. 
   

The Takeaway: Despite heightened tensions in the Middle East, Crude Oil saw a dramatic reversal today, plunging nearly -13% from its intraday peak of $79 to its closing price of $68.50. With bulls now trapped, the path of least resistance is likely lower in the near term.