Crude Oil Forming Bearish Structure

Apr 8

WTI Crude Oil Price was previously moving inside an ascending channel, forming higher highs and higher lows, which indicated a short-term bullish trend.

However, after reaching the upper boundary of the channel near the 114–116 resistance area, the market experienced a strong bearish rejection. A large bearish candle pushed the price sharply downward, breaking the upward momentum.

Currently, price is trading around 95, inside a key demand/support zone between 92 and 104. This area is important because it previously acted as a consolidation zone where buyers and sellers were balanced.

Possible Market Scenarios

If the price breaks below the lower boundary of this support zone, the market may continue moving downward toward the next support levels around 88 and 82.44 or if buyers defend the current support near 95, the price could make a temporary bounce toward the 98–102 resistance area before deciding the next direction.

Key Levels

Support; 95 / 88 / 82.44
Resistance; 100 / 104

You may find more details in the chart,
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Apr 8

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