As you see in the chart, price didn’t succeed to make a higher high in its last upside move and has been rejected and pushed to the downside by the red resistance zone.
Moreover, a bearish reversal double top pattern has been created and the neckline is broken out.
Currently, we are in a downtrend and price is fixed below the neckline and is dropping after retesting it.
I expect a drop to 75.200 for now and If price breaks the support level at 75.180 and closes a candle below this level in 1H, we can expect more fall for Crude Oil towards 72.450 and 69.750 in a long-term period.
Moreover, a bearish reversal double top pattern has been created and the neckline is broken out.
Currently, we are in a downtrend and price is fixed below the neckline and is dropping after retesting it.
I expect a drop to 75.200 for now and If price breaks the support level at 75.180 and closes a candle below this level in 1H, we can expect more fall for Crude Oil towards 72.450 and 69.750 in a long-term period.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.