USOil (WTI) Crashes Below Key Support As Bears Take Control

Market Analysis – April 4

USOil has crashed below a key support level as bearish momentum dominates the market. Technical indicators are signaling a strong downtrend for USOil. The 9-day Simple Moving Average (SMA), currently at $68.90, has been decisively broken, with price action trending well below it—confirming continued downside pressure. The MACD (Moving Average Convergence Divergence) shows a bearish crossover, with both the MACD and signal lines positioned below zero. The histogram bars continue to expand in the negative zone, further indicating intensified selling pressure. This confirms a shift in sentiment from a bullish retracement to sustained aggressive selling, with implications for traders.

USOil Key Levels

Resistance Levels: $72.00, $77.30, $80.70
Support Levels: $67.10, $65.30, $61.70

USOil Long-Term Trend: Bearish

From a price action perspective, USOil encountered resistance at the $72.00 order block zone, which triggered a sharp decline marked by a strong bearish engulfing candle. This occurred shortly after a Break of Structure (BOS) near $65.30, which failed to hold as support upon retesting. The pronounced downward movement has now broken through the next critical support zones around $67.10 and $65.30, confirming that sellers are firmly in control. The aggressive selling wave has resulted in a long red candlestick that breached multiple support levels without resistance.
Looking ahead, USOil appears set to retest the key demand zone near $61.70, with the possibility of further downside still on the table. Any upward correction toward $67.10 is likely to encounter resistance from the broken support and the 9-SMA. Unless a bullish reversal pattern or a higher low develops, the bearish trend is expected to persist. A firm close above $67.10 would be required to suggest a potential short-term trend reversal in favor of the bulls.

USOil Short-Term Trend: Bearish

USOil remains firmly in a downward trend after breaking significant support at $65.30. The price continues to trade beneath the 9-SMA, reinforcing the current bearish momentum, while MACD histogram bars remain deep in negative territory.

Traders watching forex signals may find short-term opportunities during a potential retracement to the $65.25–$67.00 order block, before the market possibly resumes its decline. If resistance holds in this zone, prices are likely to extend the drop toward $60.00.

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