Crude Oil WTI Technical Analysis: Weekly Head-and-Shoulders pattern can send Black Gold down to $55.00 a barrel

  • Crude oil is trading in a bull trend on the weekly chart. 
  • However, crude oil formed a head-and-shoulders pattern which can potentially send oil back to $55.00 a barrel which was the last key support/resistance level. 
  • The RSI and MACD indicators are also decelerating suggesting a loss of bullish momentum. 

Crude oil WTI weekly chart

Spot rate:                  68.95
Relative change:       0.26%     
High:                         69.88
Low:                          67.92

Main Trend:               Bullish 
Short-term trend:      Bearish

Resistance 1:           69.00 figure.
Resistance 2:           69.30 August 24 high 
Resistance 3:           69.44 June 25 high
Resistance 4:           70.00 figure
Resistance 5:           70.53 May 24 low
Resistance 6:           71.41 September 4 high 

Support 1:                68.00-68.30 zone, figure and supply/demand level
Support 2:                67.84 August 14 swing high
Support 3:                67.16 June 14 high
Support 4:                67.72 June 26 low 
Support 5:                66.85 August 9 low

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