CRUDE OIL (WTI) Technical Outlook & Price Action 🛢️

Hey traders,

I received a lot of questions about WTI Oil.

Analyzing a daily time frame,
since 77.0 level - current year's high was reached,
the market started a nice correction cycle.

Trading in a local bearish trend from the beginning of July,
the price managed to form multiple bearish impulses setting lower lows and lower highs.

From 20th of July though the price is stuck on 65.0 level.
Setting two equal lows there, for now, the price didn't manage to break that.
However, the lower highs that the price keeps setting, signify a bearish accumulation.

Be prepared for a breakout attempt of the underlined yellow support
and sell the market after a daily candle close below that.

Next support will be 62.0 level.

For now, I wouldn't trade OIL,
Be patient and wait for a breakout first!

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