WTI Crude Oil (4h) Technical AnalysisWTI 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.
