Will WTI Oil drop under 70?
Since the double top marked by March and June's highs above 120, the price of Oil has started to fall and found support under 90 and under the neckline of the pattern.
Last week we have a false break above this neckline reversed with a strong bearish engulfing and Oil is trading again near 88 support (also an old resistance from Oct and Nov 2021)
The pressure seems to be on the downside and a clear break of support would confirm this outlook.
In such an instance we can have a continuation to the downside and a drop to 70 important horizontal support and also the measured target for the double top.
Last week we have a false break above this neckline reversed with a strong bearish engulfing and Oil is trading again near 88 support (also an old resistance from Oct and Nov 2021)
The pressure seems to be on the downside and a clear break of support would confirm this outlook.
In such an instance we can have a continuation to the downside and a drop to 70 important horizontal support and also the measured target for the double top.
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