Oil prices are challenging long-term support trend line and bullish channel. Oil prices are very likely to break the channel and start a move lower towards 60$. Key short-term resistance is at 68.70-69$. As long as the price is below this area we remain bearish.
Yellow line -long-term support
Green line - horizontal support
The Oil price is challenging recent lows and the long-term bullish channel. A break and daily close below 65.70$ will be a very bearish sign that will make me expect Oil price to move much lower towards 63.50 or even below 60$. Currently, I'm bearish as the price is making lower lows and lower highs.
