Given the strength of the resistance level 105.00, overbought daily Stochastic and the strongly bearish sentiment across on the crude oil markets on the USA-Iran peace talks , WTI crude oil can be expected to fall to the next support level 83.50 (low of the previous correction 2).
- WTI crude oil broke daily Triangle
- Likely to fall to support level 83.50
WTI crude oil recently broke the support trendline of the daily triangle from the start of March (as can be seen from the daily WTI crude oil chart below). The breakout of this Triangle follows the earlier downward reversal from the resistance zone between the upper daily Bollinger Band and the pivotal resistance level 105.00, which has been reversing the price from the start of last month. The price earlier formed the daily Japanese candlesticks reversal pattern Shooting Star near the resistance level 105.00 , highlighted below.
Given the strength of the resistance level 105.00, overbought daily Stochastic and the strongly bearish sentiment across on the crude oil markets on the USA-Iran peace talks , WTI crude oil can be expected to fall to the next support level 83.50 (low of the previous correction 2).
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