WTI crude oil is showing a clear Head and Shoulders (H&S) pattern, which is a strong bearish reversal signal. The left shoulder formed in early July, followed by a higher peak forming the head in mid-July, and finally the right shoulder near the current levels, which is lower than the head. The neckline is positioned around $66.00, acting as a key support level. Currently, the price is trading at $67.34, hovering slightly above this neckline, indicating that the market is at a critical decision point. A confirmed break below the neckline could accelerate bearish momentum, targeting the $62.20 – $62.80 zone based on the pattern’s measured move. However, if the neckline holds, a possible bounce toward $68.50 – $69.00 could occur, but overall bias remains bearish unless the price can break and sustain above $69.00.
Key Price Levels:
- Resistance: $68.50 – $69.00
- Neckline Support: $66.00
- Bearish Target (if confirmed): $62.20 – $62.80
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Key Price Levels:
- Resistance: $68.50 – $69.00
- Neckline Support: $66.00
- Bearish Target (if confirmed): $62.20 – $62.80
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
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Chart is invalid bcz oil breaks main resistance of $69
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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.