Bearish Wedge Breakdown:
The price was consolidating in a descending triangle / wedge pattern.
It has now broken below the wedge, suggesting potential bearish continuation.
Key Support Zones:
Immediate support near 68.60 - 68.80 (highlighted in blue).
USOIL The break of the 68.60 level with a strong bearish candle would serve as confirmation of a Head and Shoulders (H&S) pattern, with solid bearish implications.
Stronger support around 66.20 - 66.50, which is a previous demand zone.
Resistance Zone:
The red zone around 69.40 - 69.50 represents a rejection area, and the price failed to break above it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.