WTI Oil Technical Analysis: $70.95 is the level to beat for the bears
|- WTI oil has charted a bear flag pattern - a bearish continuation pattern - on the hourly chart.
- A break below the flag support of $70.95 would signal a continuation of the sell-off from the Oct. 10 high of $75.06 and would open up downside toward $69.55 (100-day exponential moving average).
- Further, the bear flag breakdown, if confirmed, would boost the odds of a downside break of the trendline connecting the Aug. 16 low and Sept. 7 low.
- On the higher side, only a daily close above the falling 10-day EMA of $72.52 would invalidate the bearish view.
Hourly Chart
Current Price: $71.83
Daily High: $72.02
Daily Low: $71.59
Trend: Bearish below $70.95
R1: $72.52 (10-day EMA)
R2: $72.88 (MAy 22 high)
R3: $73.10 (Oct. 8 low)
Support
S1: $70.95 (bear flag support + 50-day EMA)
S2: $69.55 (100-day EMA)
S3: $69.00 (psychological support)
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