WTI crude oil continues to trade within a falling price channel on the 4-hour chart, signaling that the downtrend from 77.14 is still in place.
Key Downside Targets:
- The recent downside move has extended to as low as 64.68.
- As long as the channel resistance holds, further declines are likely, with the next target around 64.00.
- A break below 64.00 could push the price toward 62.70, followed by the 62.00 area.
Upside Potential:
- On the upside, if the price breaks above the channel resistance, the next resistance level to watch is 68.50.
- A breakout above 68.50 could lead to further gains, targeting the 70.00 area.
Conclusion
WTI remains in a downtrend, but traders should watch for a potential breakout above the channel resistance. A move below 64.00 could signal further declines, while a breakout above 68.50 could reverse the trend and lead to a rally toward 70.00.