The overall momentum of WTI appears to be bearish, with potential for a bearish reaction off the first resistance and drop to the first support. The first support is at 80.76, which is an overlap support, while the second support is at 77.83, which is a swing low support. On the resistance side, the first resistance is at 85.48, a swing high resistance, while the intermediate resistance is at 83.25, also a swing high resistance.
In addition, RSI is displaying bearish divergence versus the price, suggesting a possible reversal soon. Given the bearish momentum on the chart, it appears the price could continue to drop towards the first support level. Traders should monitor these key support and resistance levels for any potential reversals or breakouts that may signal a shift in momentum.
