USOIL – Bearish Reversal Setup (1H Chart)

14 Jul

Crude Oil (WTI) is showing signs of a potential bearish reversal after forming a Double Top pattern near the $69.50 resistance level. The neckline break around $68.00 confirms the pattern and opens room for further downside. The key support zone is marked near $65.20, which also aligns with previous demand levels.

🔸 Pattern: Double Top
🔸 Trend: Short-term Bearish
🔸 Resistance: $69.47
🔸 Target: $65.21
🔸 Key Level to Watch: Break and close below $66.40
🔸 Fundamental View: Pressure from rising inventories and global demand concerns

Outlook: A confirmed breakdown may lead to accelerated selling toward the support zone. Bears may look for short opportunities below $68.00.

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This is not financial advice. Please conduct your own research and manage risk accordingly.

14 Jul

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