WTI Price Analysis: Crude drops below $60 after head-and-shoulders breakdown

  • WTI drops below $60 to hit the lowest since Feb. 22. 
  • The hourly chart shows scope for a deeper decline. 

West Texas Intermediate (WTI) crude, a North American oil benchmark, printed a low of $59.86 soon before press time, having confirmed a head-and-shoulders (H&S) breakdown, a bearish reversal pattern, on the hourly chart on Monday. 

Oil could drop further, as the H&S breakdown has opened the doors for $59.13 (target as per the measured move method). 

The case for a deeper pullback looks strong, with the daily chart flashing a bearish Doji reversal pattern. Further, the 14-day Relative Strength Index (RSI) is diving out of a sideways channel in favor of the bears. 

Acceptance above the 200-hour Simple Moving Average at $61.55 would invalidate the bearish view. 

Hourly chart

Trend: Bearish

Technical levels


Today last price 59.68
Today Daily Change -0.68
Today Daily Change % -1.13
Today daily open 60.36
Daily SMA20 59.4
Daily SMA50 54.3
Daily SMA100 48.46
Daily SMA200 44.24
Previous Daily High 62.82
Previous Daily Low 59.89
Previous Weekly High 63.72
Previous Weekly Low 58.81
Previous Monthly High 63.72
Previous Monthly Low 51.6
Daily Fibonacci 38.2% 61.01
Daily Fibonacci 61.8% 61.7
Daily Pivot Point S1 59.23
Daily Pivot Point S2 58.09
Daily Pivot Point S3 56.3
Daily Pivot Point R1 62.16
Daily Pivot Point R2 63.95
Daily Pivot Point R3 65.09



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