"Crude Oil Faces the Wall – Will the Bears Take Over from Here?"

16 Nis

🔍 Technical Analysis: WTI Crude Oil (1H)


Resistance Holding Firm

Price recently retested the resistance zone near $62.50–$63.80, where strong selling pressure emerged. The zone has been respected multiple times, confirming it as a key level.

Bearish Reaction & Rejection
A clear rejection from the resistance is visible with a shift in market structure. Sellers stepped in as price failed to break above, followed by a bearish candle setup.

Potential Downside Setup

With the current breakdown, if bearish momentum continues, price may head toward the first support at $58.89. A break below that could open the path toward the target zone near $56.41.

Outlook
- Bias: Bearish under resistance
- Invalidation: Break and close above $63.80
- Target Zones: $58.89 and $56.41

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17 Nis

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