{"id":23010,"date":"2026-06-22T13:25:06","date_gmt":"2026-06-22T20:25:06","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=23010"},"modified":"2026-06-22T13:25:06","modified_gmt":"2026-06-22T20:25:06","slug":"oil-cb","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/oil-cb\/","title":{"rendered":"Crude Oil PRICE DROP PLUS: CannonEdge Snapshot, Levels, Reports; Your 4 Important Can’t-Miss Need-To-Knows for Trading Futures on August 23rd, 2026"},"content":{"rendered":"\n\n\n
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At A Glance Levels<\/h3>\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 Aug (#GC)<\/td>\n

4096.77<\/td>\n4154.23<\/td>\n4196.17<\/td>\n4253.63<\/td>\n4295.57<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 July. (#SI)<\/td>\n

61.43<\/td>\n63.38<\/td>\n65.30<\/td>\n67.25<\/td>\n69.18<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 Aug (#CL)<\/td>\n

70.30<\/td>\n72.25<\/td>\n75.20<\/td>\n77.15<\/td>\n80.10<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0Sept. Bonds (ZB)<\/strong><\/h2>\n

\u2014 Sept. (#ZB)<\/td>\n

111 29\/32<\/td>\n112 9\/32<\/td>\n112 29\/32<\/td>\n113 9\/32<\/td>\n113 29\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Fresh Highs, Firmer Fed \u2014 And a Trendline Worth Watching<\/h1>\n

Crude Oil at $75\/Barrel<\/em><\/h3>\n

By Eli Levy, Senior Analyst & Series 3 Broker<\/em><\/h2>\n

\"oil<\/p>\n

Dow Jones, S&P, Russell 2000 – FOMC<\/em><\/h3>\n

Dow Jones, the Equal-Weight S&P, and the Russell 2000 indices hit fresh record highs this week, but it was anything but a quiet grind higher. The tape was caught off-guard by a hawkish surprise out of the FOMC, where incoming Fed Chair Kevin Warsh delivered a firm message that the committee\u2019s focus is squarely on price stability, leaning on a stable labor market as the cover to do so.<\/p>\n

Stocks<\/em><\/h3>\n

Stocks sank and the 2-year yield spiked as the market re-calibrated its expectations for the path of the Fed funds rate. What stands out to me is how quickly the bounce-back came \u2014 by the back half of the week the indices had largely round-tripped the FOMC sell-off, helped along by lower oil prices and Treasury yields that, while higher, steadied rather than ran away.<\/p>\n

There are really two ways to read the same meeting, and the market is still arguing it out. On one side, the message was plainly hawkish \u2014 the dots drifted toward a potential hike, the easing bias was stripped out, and the risk of a move higher has clearly increased; the question is no longer whether but when, with the back half of the summer in play if the inflation data cooperates.<\/p>\n

On the other side, the removal of explicit forward guidance and the de-emphasis of the dots can be read as the Fed simply buying itself optionality rather than committing to tightening \u2014 a less hawkish, even market-friendly, interpretation. Both readings are live, and the price action tells me the market hasn\u2019t fully settled on one. If oil prices stay down that should help inflation and the Fed as to not raise rates.<\/p>\n

US & Iran – WTI Crude Oil<\/em><\/h3>\n

On the geopolitical front, U.S.\u2013Iran relations took a constructive turn: the two sides signed a memorandum of understanding that opens a 60-day window for negotiations, with technical talks slated to begin this weekend. Oil responded in kind \u2014 WTI crude is down roughly 9.5% on the week to around $75\/barrel, its lowest level since early March. Lower energy is a tailwind for the disinflation story and for risk appetite, but it cuts both ways: any breakdown in the framework or fresh friction around the Strait of Hormuz could put a bid right back under crude.<\/p>\n

The Bull Market<\/em><\/h3>\n

As for what\u2019s actually holding this bull market up, I\u2019d point to two forces, and they\u2019re related: first, the prospect of roughly 20% corporate earnings growth in the coming quarters; and second, the AI infrastructure buildout, which remains firmly in its expansion phase \u2014 demand for compute still outstrips available supply. The clearest piece of evidence is the PHLX Semiconductor Index (SOX), printing fresh all-time highs even through the week\u2019s volatility.<\/p>\n

The financing behind the theme tells the same story: Amazon\u2019s C$14B bond + $17.5B bank loan and a $25B corporate debt offering from Nvidia early this week followed an ~$85B capital raise from Alphabet earlier this month.<\/p>\n

As long as that spending holds and supply stays tight, the AI trade is likely to keep its grip on trader psychology. The flip side is the obvious one \u2014 the day demand and supply look balanced, or hyperscaler spending shows any sign of fatigue or deceleration, or rates go up and borrowing gets more expensive, the same names that have led can lead lower, and that leaves the chip\/AI complex exposed to higher volatility.<\/p>\n

READ THE REST and SEE CHARTS<\/a><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for June 23rd<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for June 23rd<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Central Time ( Chicago)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Trading Co., Inc.<\/span><\/strong><\/em><\/p>\n

12100 Wilshire Blvd.<\/span><\/strong><\/em><\/p>\n

Suite 1640<\/span><\/strong><\/em><\/p>\n

Los Angeles, CA 90025 US<\/span><\/strong><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

At A Glance Levels Instrument S2 S1 Pivot R1 R2 Gold (GC) \u2014 Aug (#GC) 4096.77 4154.23 4196.17 4253.63 4295.57 Silver (SI) \u2014 July. (#SI) 61.43 63.38 65.30 67.25 69.18 Crude Oil (CL) \u2014 Aug (#CL) 70.30 72.25 75.20 77.15 80.10 \u00a0Sept. Bonds (ZB) \u2014 Sept. (#ZB) 111 29\/32 112 9\/32 112 29\/32 113 9\/32 […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119,67],"tags":[357,1956],"class_list":["post-23010","post","type-post","status-publish","format-standard","hentry","category-crude-oil","category-future-trading-news","tag-crude-oil-2","tag-us-iran-conflict"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=23010"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23010\/revisions"}],"predecessor-version":[{"id":23011,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23010\/revisions\/23011"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=23010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=23010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=23010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}