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At the time of publication of this article, WTI crude was traded near 62.90, $ 0.85 below the local high of $ 63.75 a barrel reached last Thursday.
Despite today's decline, WTI crude is traded in the zone of bull market, above the key support levels 55.50 (ЕМА200 on the monthly chart), 50.30 (ЕМА200 on the weekly chart), 45.50 (ЕМА200 on the daily chart).
The price also remains above the important short-term support levels 61.24 (ЕМА200 on the 1-hour chart), 56.83 (ЕМА200 on the 4-hour chart).
Above the support level 56.83, nothing threatens long positions, and in the event of a resumption of positive dynamics, and after the breakdown of the local resistance level 63.75 (22-month highs), the growth in the price of WTI oil will continue into the zone above 65.65 mark, near which the collapse of the price began at the beginning January 2020.
In an alternative scenario, after the breakdown of the support levels 48.10, 46.50, the price risks going into a downtrend again. A breakdown of the support level 41.90 (Fibonacci level 61.8% of the upward correction to fall from this year's highs near 65.65 to a local minimum of 3.42) will increase the risks of a renewed bearish trend in WTI crude oil.
The first signal for the implementation of this scenario will be the breakout of the important short-term support level 61.24 (ЕМА200 on the 1-hour chart).
Support levels: 61.24, 56.83, 55.50, 53.87, 51.69, 50.30, 48.10, 46.50, 45.00, 41.90
Resistance levels: 63.75, 65.65
Trading recommendations
Sell Stop 60.80. Stop-Loss 62.10. Take-Profit 56.83, 55.50, 53.87, 51.69, 50.30, 48.10, 46.50, 45.00, 41.90
Buy Limit 61.30, 61.10, Buy Stop 63.30. Stop-Loss 60.80. Take-Profit 59.00, 59.50, 63.50, 65.65
