US Light Crude's 4-hour chart suggests a high probability that price will continue with the dominant downtrend and eventually break below recent lows. Currently trading around $67.17, crude oil has been in a persistent decline since late February, forming a series of lower highs and lower lows. The chart's projected path indicates a potential corrective bounce within the blue box area (approximately $68.50-$69.50), characterized by zigzag movements that would likely form a complex correction before resuming the bearish trend. This anticipated bearish continuation targets the horizontal red support line at around $65.77, with potential for moves below this level as indicated by the downward arrow. Recent failed attempts to sustain rallies and the steep decline from the $74.00 area reinforce the bearish outlook, suggesting that any upward movements should be viewed as selling opportunities within the larger downtrend.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.