WTI Oil Technical Analysis: Potential double top pattern

Omkar Godbole FXStreet Contributor

WTI failed to penetrate the March 21 high of $60.37 earlier this week and is now trading near $59.20 per barrel. The price action has taken the shape of the double top pattern on the 4-hour chart.

Acceptance below the neckline support of $58.15 would confirm a bullish-to-bearish trend change and would open the doors to $55.93 (target as per the measured move method).

A drop to the neckline support looks likely as the 4-hour chart RSI is charting lower highs, having created a bearish divergence on March 21.

4-hour chart

Trend: Bearish

WTI

Overview
Today last price	59.25
Today Daily Change	-0.22
Today Daily Change %	-0.37
Today daily open	59.47

Trends
Daily SMA20	58.13
Daily SMA50	55.99
Daily SMA100	53.51
Daily SMA200	61.06

Levels
Previous Daily High	60.26
Previous Daily Low	58.88
Previous Weekly High	60.43
Previous Weekly Low	58.33
Previous Monthly High	57.92
Previous Monthly Low	51.56
Daily Fibonacci 38.2%	59.41
Daily Fibonacci 61.8%	59.73
Daily Pivot Point S1	58.81
Daily Pivot Point S2	58.16
Daily Pivot Point S3	57.43
Daily Pivot Point R1	60.19
Daily Pivot Point R2	60.92
Daily Pivot Point R3	61.57

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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