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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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