WTI Crude Oil, H4

On the four-hour chart, in the area of the resistance level of 77.37, the formation of Falling Three Methods continuation patterns of downward dynamics can be seen, which signal increasing pressure from sellers. At the moment, the price of the instrument is held in the area of 76.64, creating the preconditions for intensifying the movement towards the key support level of 75.22, breaking down which will allow the "bears" to test 71.89–68.67. An alternative scenario is possible if the "bulls" manage to restore their lost positions above the resistance level of 77.37, which will become a catalyst for opening long positions with targets of 80.14–83.72.

WTI Crude Oil, D1

On the daily chart, the formation of the Three Black Crows pattern below the level of 83.72 can be seen, after which the price of "black gold" reversed downwards, and then a Bearish Engulfing reversal candlestick analysis figure and another Three Black Crows pattern formed on the chart, which confirmed the transfer of initiative to sellers and signals a continuation of downward dynamics. Most likely, the asset’s quotes will drop to the level of 75.22, overcoming which will strengthen the "bearish" trend to 68.67.

Support and resistance

Support levels: 75.22, 71.89, 68.67.

Resistance levels: 77.37, 80.14, 83.72.

Trading tips

Short positions can be opened below the level of 75.22 with targets at 71.89, 68.67. Stop-loss — 76.30. Implementation time: 7 days and more.

Long positions can be opened above 77.37 with targets at 80.14, 83.72. Stop-loss — 76.30.