Crude Oil (WTI) – Bearish Patterns on Radar

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Crude Oil (WTI) seems to be running out of steam and the charts are pointing towards the possibility of bulls exhaustion signs.

From a technical stand-point, WTI could be preparing for another wild swing as it is trading within the vibration levels range.

Crude Oil (WTI) – 4H Chart

Bearish Patterns on Radar

Charting & Technicals:

  • Harmonic AB=CD Pattern present: Bearish Butterfly
  • Minor X (red) correcting within a Rising Channel
  • Volumes decreasing & oscillators showing a possible Bearish Divergence
  • Double Top possibility
  • Fibonacci Extensions of Minutes A&B (blue) possibly aligning towards the Bearish Divergence confirmation

*The present analysis is to be treated as simple market commentary and not as an investment advice or as a solicitation to trade. Please be aware of the real risk involved by trading financial instruments.

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