WTI crude is grinding into a pivotal horizontal support near 6,020 after another sharp rejection near the 50-day SMA:
As it stands, bears remain in control unless bulls can defend this floor and drive a breakout back above the 50-day SMA.
-MW
- Support at Risk: Price is pressing into the horizontal support zone formed by May’s lows (~6,020). A clean break below would shift momentum back decisively to the downside.
- Bearish Structure: Price remains well below both the 50- and 200-day SMAs, which are angled downward—consistent with a medium-term downtrend.
- Momentum Fading: MACD is negative and turning lower again, while RSI is stuck near 45 and showing no bullish divergence.
- Next Support: If support fails, next downside level is likely around the YTD low near 5,400.
As it stands, bears remain in control unless bulls can defend this floor and drive a breakout back above the 50-day SMA.
-MW
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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.