- WTI falls below $ 60.00 and reaches the lowest level since February 22.
- The 1 hour chart shows the possibility of a deeper dip.
West Texas Intermediate WTI crude, North America’s benchmark oil index, hit a low of $ 59.86 during the Asian session on Tuesday after confirming the breakout of a shoulder-head-shoulder pattern, a reversal pattern. bearish on the 1 hour chart.
Oil could fall further as the breakout of the pattern has opened the doors at $ 59.13 (target according to the measured movement method).
The case for a deeper pullback looks solid, with the daily chart showing a bearish reversal pattern in the shape of a Doji. Furthermore, the 14-day RSI is breaking out of a side channel in favor of the bears.
Acceptance above the 200 hourly SMA at $ 61.55 would invalidate the bearish view.
WTI 1 hour chart
WTI technical levels
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