Crude Oil Downtrend May Prevail as Descending Channel Holds
WTI crude oil prices may resume the broader downtrend since June, guided lower by the boundaries of a Descending Channel.
Prices recently tested the ceiling, leaving behind resistance at 70.587 as WTI turned lower.
In the event of further losses, the next key test may be the 200-day Simple Moving Average (SMA), which may reinstate the dominant upside focus.
Breaking above the channel exposes the July 13th high at 74.210 followed by the current 2021 peak at 76.954.
USOIL
Prices recently tested the ceiling, leaving behind resistance at 70.587 as WTI turned lower.
In the event of further losses, the next key test may be the 200-day Simple Moving Average (SMA), which may reinstate the dominant upside focus.
Breaking above the channel exposes the July 13th high at 74.210 followed by the current 2021 peak at 76.954.
USOIL