A break short of $70/barrel would be quite significant in my eyes, threatening the break as we speak, but need to ideally see a solid H4 close below. Our H4 support region is trading marginally below that $70 whole number, but the 'zone' is still a decent support region.
Just need to wait for price exhaustion, especially with a volatile pair like WTI....
USDWTI H4 - Also on a very key S/R zone, currently acting as support. Looking to see if we hold ground here, otherwise we are on the verge of setting a new low and changing trend. $40/B is a key psychological price too. So would like to hold above here.
USDWTI H4 - Those that watched the weekly watchlist will be familiar with this setup, we mentioned we would like to see a double bottom from support. Potentially what we may be seeing here, but we haven't test the actual support zone, just shy of, where the candle bodies previously closed last week. Still 1:3, let see how this active H4 closes.