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, 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.