🔹 Market Overview
West Texas Intermediate (WTI) oil opened the European session higher on Monday, trading at $66.70, slightly above Friday’s close of $66.64. While the uptick may seem minor, it reflects growing optimism following last week’s sell-off.
Brent crude remains flat near $69.34, indicating stable sentiment across global benchmarks.
📊 Technical Outlook: Bearish Bias Intact Below $68.20
Despite today’s mild bullish bounce, WTI remains locked below the key EMA zones and a crucial resistance band at $68.20. Price continues to struggle within a broader bearish channel, following last week’s breakdown and “three black crows” pattern formation on the 2-hour chart.
Until bulls reclaim the $68.20–$68.80 zone, any upside is likely corrective.
📌 Key Technical Levels
Resistance: $67.20 / $68.20
Support: $66.56 / $65.78 / $64.90
EMA Resistance: 50-EMA and 100-EMA on H2 chart
Bearish Pattern: Three black crows confirming trend reversal
📈 Invalidation:
Break and hold above $68.85 would cancel the bearish setup and shift focus toward $70.
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This setup offers a high-probability risk-reward ratio, especially under continued weakness in macro demand signals and technical resistance zones. Only premium members get early entries and tighter stops on this type of trade.
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