After reaching a high of 126.35 in March 2022, prices have consistently declined, hitting a low of 63.95 on May 4th this year. The completion or continuation of this downward trend hinges on the key resistance level at 83.37.
If the price remains below 83.37, the downward trend is expected to continue, with the next target range between 57.50 and 61.70. However, a breakthrough of 83.37 would indicate a reversal of the downward trend, with the next resistance level at 92.90.
In the short term, the immediate resistance level is 73.79. Breaking above this level could trigger a rebound and a test of the key resistance at 83.37.
The future direction of WTI crude oil prices is uncertain. Breaking above 83.37 would suggest a reversal and potential upward movement, while staying below it indicates the continuation of the downward trend. Traders and investors should closely monitor the price action and consider additional market factors for informed decision-making.
