USOil (WTI) Experiences a Bearish Breakout
Login

USOil (WTI) Experiences a Bearish Breakout

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Crude Oil has experienced a bearish breakout from a pennant on the daily chart. The market has retested the lower border after bouncing off the 66.00 support level.

Crude Oil Key Levels

Demand Levels: 70.20, 66.00, 62.00
Supply Levels:83.20, 89.00, 92.80

Crude Oil (Wti) Experiences a Bearish Breakout

Crude Oil Long-Term Trend: Bearish

Crude Oil formed a giant double-top pattern from September to November. Buyers entered at 83.20 in anticipation of a bullish reversal. The attempt failed as the ascent was unable to shoot beyond the previous high at 92.80. The daily candles fell below the Moving Averages (periods 9 and 21). The previous support level of 83.20 was also violated. Three white soldiers ascended to test the neckline of the double tops at 83.20.

The market remained in long-term consolidation from December until this month. The Moving Averages continuously crossed sideways to show the consolidation. Without waiting for the terminal point of the Pennant chart pattern, a breakout played out successfully on the daily chart. On March 13th, three white soldiers appeared one after the other for an impulsive price drop. The price fell to the 66.00 support level. The Stochastic and the RSI (Relative Strength Index) are correlated to show an oversold market.

Crude Oil (Wti) Experiences a Bearish Breakout

Crude Oil Short-Term Trend: Bullish

The market structure has turned bullish on the 4-hour chart. While the RSI is gently graduating to indicate a bearish trend on the lower timeframe, the Stochastic has reached the oversold level. The daily chart is just about recovering from the oversold level. The market is currently ascending on the lower timeframe and retracing on the higher timeframe for a retest of the low border of the pennant. The Bears at the significant level of 70.20 may be just enough to keep the price decline going.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News