WTI Crude Oil Technical Analysis | Forexlive

As the global manufacturing
sector keeps on deteriorating, Crude Oil maintains a bearish bias despite the
resilience coming from the OPEC+ cuts and the monetary stimulus from China.

WTI Crude Oil Technical
Analysis – Daily Timeframe

On the daily chart, we can see that Crude Oil got
stuck in a range again. This is something we’ve been seeing for months now
where Oil extends to the downside and then starts to range as OPEC+ intervenes
with production cuts to stem the declines. The bias remains bearish for Crude
Oil and given the multiple rejections at the $73 resistance, we may
expect the price to test again the $64.29 support. A break below that level
would open the door for a bigger selloff towards the $57 level.

WTI Crude Oil Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that the price has
recently rallied into the $73 resistance as expectations about more economic
stimulus from China gave the buyers a reason to bid into the resistance hoping
for a breakout. Unfortunately, Crude Oil reversed there, and once the price
broke below the trendline, the
selloff intensified as momentum sellers jumped onboard and took the price to
the $67support. It looks like we have yet another range between the $67 and $73
levels.

WTI Crude Oil Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that the
price is now likely to test the $67 support and that’s where we should see the
buyers stepping in with a defined risk below the level and target the $73
resistance. The sellers, on the other hand, will want to see the price to break
below the support to pile in even more aggressively and extend the fall into
the $64 low.