WTI Crude Oil, Technical Analysis – H1
The downtrend remains intact. However, the recent formation of a new low opens the door for an upward technical correction.
The downtrend remains intact. However, the recent formation of a new low opens the door for an upward technical correction, with potential recovery toward the $70 per barrel zone, where a significant cluster of technical levels is present. There is little doubt that oil will face renewed selling pressure in this area.
Key Levels:
□ 70.00
□ 67.00
Primary Scenario:
Corrective upside toward 70.00, followed by a downward reversal.
Alternative Scenario:
Decline toward 67.00.
Analyst Commentary:
Avoid buying into the current move. It is more prudent to wait for the corrective pullback to complete before looking for trend-following short positions.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.