Hello traders,
After analyzing the current price action, I believe WTI remains bearish in the mid-to-long term. However, in the short term (next few sessions), we might see a temporary bullish correction, as the RSI is signaling oversold conditions.
Since late September 2023, WTI has been in a steady downtrend—clearly visible through the purple trendline—and recently hit its lowest level since early 2023. I'm watching the $66–$67 zone closely: if price reaches but fails to break above it, the downtrend is likely to resume. However, a clean breakout above that range could indicate a potential bullish reversal heading into next week.
This view is based on RSI and key support/resistance zones.
📉 Bearish bias mid/long term
📈 Short-term bounce likely
📍 Key zone to watch: $66–$67
Let me know your thoughts in the comments — are you bullish or bearish on WTI?
Not financial advice — just sharing my personal analysis.
After analyzing the current price action, I believe WTI remains bearish in the mid-to-long term. However, in the short term (next few sessions), we might see a temporary bullish correction, as the RSI is signaling oversold conditions.
Since late September 2023, WTI has been in a steady downtrend—clearly visible through the purple trendline—and recently hit its lowest level since early 2023. I'm watching the $66–$67 zone closely: if price reaches but fails to break above it, the downtrend is likely to resume. However, a clean breakout above that range could indicate a potential bullish reversal heading into next week.
This view is based on RSI and key support/resistance zones.
📉 Bearish bias mid/long term
📈 Short-term bounce likely
📍 Key zone to watch: $66–$67
Let me know your thoughts in the comments — are you bullish or bearish on WTI?
Not financial advice — just sharing my personal analysis.
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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.
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.