WTI Crude Oil is showing bearish sentiment, in line with the current downtrend. Recent price action appears to be an oversold bounce back. A break below a key consolidation zone, could add pressure to the downside.
Key Levels:
Resistance: 6340 (former support, now resistance), 6413, 6530
Support: 5920, 5708, 5520
Bearish Outlook:
Price has broken below 6620, which was a key intraday consolidation level. If WTI sees a short-term bounce but fails to break above 6340, it could resume its downward move toward 5920, then 5700, and possibly 5520 over time.
Bullish Scenario:
If WTI breaks above 6340 and closes above it on the daily chart, the bearish setup would be invalidated. This could open the door for a short squeeze rally toward 6413, then 6530.
Conclusion:
The trend remains bearish below 6340. A rejection at this level would reinforce the downside bias. However, a confirmed break and daily close above 6340 would shift the outlook to bullish in the short term.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels:
Resistance: 6340 (former support, now resistance), 6413, 6530
Support: 5920, 5708, 5520
Bearish Outlook:
Price has broken below 6620, which was a key intraday consolidation level. If WTI sees a short-term bounce but fails to break above 6340, it could resume its downward move toward 5920, then 5700, and possibly 5520 over time.
Bullish Scenario:
If WTI breaks above 6340 and closes above it on the daily chart, the bearish setup would be invalidated. This could open the door for a short squeeze rally toward 6413, then 6530.
Conclusion:
The trend remains bearish below 6340. A rejection at this level would reinforce the downside bias. However, a confirmed break and daily close above 6340 would shift the outlook to bullish in the short term.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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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.