🛢️ #WTICrudeOil
CMP: $58.25
🟡 Smaller Falling Wedge (Yellow)
• Breakdown candle formed
• Breakdown confirmation on weekly close below $58.22 (low of breakdown candle)
• Target: $52.71
• Converges with key price action support zone at $52.48–50.55
• Also aligns with long-term wedge trendline support
🟣 Larger Falling Wedge (Purple)
• Still intact
• Bullish Breakout confirmation: Weekly close above $77.57
🔽 Support Levels
• Immediate: $55.15
• Zones: $52.48–50.55, $45.04–42.93
🔼 Resistance Levels
• Immediate: $58.35
• Zones: $60.68, $61.45–61.96, $63.98–66.42
⚠️ Outlook
Short-term bias remains bearish, watching for a weekly close below $58.22 to confirm breakdown.
Long-term bullish reversal possible only above $77.57 (WCB).
#CrudeOil | #WTI | #OilChart | #ChartPatterns | #FallingWedge | #PriceAction | #Commodities
📌 Disclaimer: This analysis is shared for educational purposes only. It is not a buy/sell recommendation. Please do your own research before making any trading decisions.
CMP: $58.25
🟡 Smaller Falling Wedge (Yellow)
• Breakdown candle formed
• Breakdown confirmation on weekly close below $58.22 (low of breakdown candle)
• Target: $52.71
• Converges with key price action support zone at $52.48–50.55
• Also aligns with long-term wedge trendline support
🟣 Larger Falling Wedge (Purple)
• Still intact
• Bullish Breakout confirmation: Weekly close above $77.57
🔽 Support Levels
• Immediate: $55.15
• Zones: $52.48–50.55, $45.04–42.93
🔼 Resistance Levels
• Immediate: $58.35
• Zones: $60.68, $61.45–61.96, $63.98–66.42
⚠️ Outlook
Short-term bias remains bearish, watching for a weekly close below $58.22 to confirm breakdown.
Long-term bullish reversal possible only above $77.57 (WCB).
#CrudeOil | #WTI | #OilChart | #ChartPatterns | #FallingWedge | #PriceAction | #Commodities
📌 Disclaimer: This analysis is shared for educational purposes only. It is not a buy/sell recommendation. Please do your own research before making any trading decisions.
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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.
Related publications
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.