WTI oil prices have turned bearish as they fell below a crucial support level. The chart indicates that the momentum has shifted to the downside, signaling a potential further decline in prices. Consequently, the overall bias for WTI oil prices is now bearish.
In the near term, prices could potentially make a bearish reaction off the first resistance level and drop to the first support level. The first support level is at 61.97, which is a swing low support, while the second support level is at 53.63, another swing low support.
Conversely, the first resistance level is at 70.43, which is an overlap resistance, followed by the second resistance level at 82.11, another overlap resistance.
It is essential to note that the recent bearish momentum is primarily due to the break below the ascending support line, which has triggered a potential bearish move in the market.
