WTI crude looks poised for breakdown

27 พ.ย. 2024

WTI has held the key resistance level of $69.30 today, marking a pivotal level on the intraday charts. Here, the resistance trend of the bear channel also came into focus. With support at 68.60/68.70 area broken, this level is now the most important short-term resistance to watch now. I think if we get a retest of this level from underneath, it could get sold and cause prices to drop to take out liquidity resting below the most recent low at 68.06. My next downside target would be $67.00.

News of ceasefire between Israel and Hezbollah has helped to weigh on prices, potentially a positive step towards regional stability.

11 ก.พ.

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By Fawad Razaqzada, market analyst with FOREX.com