WTI Crude Oil recently broke down from a rising channel after testing a major resistance zone near $64. Price action suggests a potential bearish trend continuation, and we may be looking at a shift in momentum.
Technical Highlights:
Price respected the rising channel until mid-May, where it sharply reversed at key resistance.
The $64 zone acted as a historical resistance level, forming a double-top rejection area.
Bearish structure forming with lower highs and potential continuation toward lower support levels.
A projected downside target is marked around $55.35, a previously tested support level.
Trade Idea:
Potential Entry: On a retest and rejection near $63.50–$64.00 resistance
Bearish Confirmation: Lower high and break below $61.50 zone
Target: $55.35
Invalidation: Break and close above $64.50
Outlook:
Crude Oil is showing signs of exhaustion after a steady climb. A rejection from the upper resistance could trigger a multi-leg drop toward the $55 area if bearish momentum builds. Traders should watch for short-term consolidations or fakeouts around the $61–$62 level before committing to direction.
Technical Highlights:
Price respected the rising channel until mid-May, where it sharply reversed at key resistance.
The $64 zone acted as a historical resistance level, forming a double-top rejection area.
Bearish structure forming with lower highs and potential continuation toward lower support levels.
A projected downside target is marked around $55.35, a previously tested support level.
Trade Idea:
Potential Entry: On a retest and rejection near $63.50–$64.00 resistance
Bearish Confirmation: Lower high and break below $61.50 zone
Target: $55.35
Invalidation: Break and close above $64.50
Outlook:
Crude Oil is showing signs of exhaustion after a steady climb. A rejection from the upper resistance could trigger a multi-leg drop toward the $55 area if bearish momentum builds. Traders should watch for short-term consolidations or fakeouts around the $61–$62 level before committing to direction.
Trade active
Trade on $64.00 sell. 250.pips. profits guys. hold confirm target Note
400 pips. activate hold guys. 
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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.