WTI Crude Oil continues to trade within a descending channel, reflecting a broader downtrend that has been in place since early August. The price is currently hovering around the $69.93 level, attempting to break through a significant resistance zone near $70.64. This resistance zone aligns with the upper boundary of the channel, adding further strength to the resistance.
Key levels to watch include:
Immediate resistance: $70.64
Support: $68.23, which has acted as a solid level over the past few sessions.
If the price manages to break above $70.64 with sustained volume, it could indicate a potential trend reversal. However, failure to break this zone could result in a continuation of the downtrend, with the next key support levels at $68.23 and $65.01.
The volume profile suggests strong resistance between the $69.50 and $72.00 range, with a notable drop-off below $68.50, indicating low demand in that region.
A break below $68.23 could drive prices toward the lower boundary of the channel near $65.00.
Outlook: Bearish within the descending channel unless a breakout above $70.64 occurs with strong momentum.
Key levels to watch include:
Immediate resistance: $70.64
Support: $68.23, which has acted as a solid level over the past few sessions.
If the price manages to break above $70.64 with sustained volume, it could indicate a potential trend reversal. However, failure to break this zone could result in a continuation of the downtrend, with the next key support levels at $68.23 and $65.01.
The volume profile suggests strong resistance between the $69.50 and $72.00 range, with a notable drop-off below $68.50, indicating low demand in that region.
A break below $68.23 could drive prices toward the lower boundary of the channel near $65.00.
Outlook: Bearish within the descending channel unless a breakout above $70.64 occurs with strong momentum.
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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.
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.