WTI Crude is breaking lower and is now forming its first 1D Death Cross since September 2024. While this setup is usually considered bearish, the last time it appeared, the market bottomed just two days later.
Currently, price is heading toward Support 1 ($60.54), with an extended bearish target at Support 2 ($55.48) if downside momentum accelerates. That said, the 1D RSI will be close to oversold by the time Support 1 is reached, increasing the probability of a rebound toward the Resistance zone at $69.29.
📉 Short-term bias: Bearish toward support
📈 Medium-term bias: Potential rebound once support is tested
#USOIL #WTI #CrudeOil #DeathCross #TechnicalAnalysis #Kaizo
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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.