FX.co ★ CL/Crude Oil

WTI Crude Oil (H4) Technical Analysis On the H4 timeframe, WTI Crude Oil remains within a well-defined descending channel, confirming that the broader trend is still bearish. I can see that price continues to respect the channel boundaries while producing lower highs and lower lows, showing that sellers remain in control. Although there have been temporary bullish retracements, they have failed to break the overall bearish structure. As long as price trades below the upper channel resistance, I expect the selling pressure to remain dominant. Price Action & Chart Pattern The chart highlights a Daily BOS (Break of Structure) zone that previously shifted market sentiment to the downside. Since then, every recovery has been rejected near resistance, creating fresh lower highs. I believe the current movement toward the liquidity zone may attract buyers initially, but unless price closes decisively above the channel, it is likely to face renewed selling. The projected wave structure also suggests another bearish leg could develop toward the lower boundary of the channel before a stronger reversal is considered. Indicators and Technical Tools Used My analysis is based on the descending channel, Daily BOS zone, liquidity zone, market structure labels (HH, LH, HL), and projected Elliott Wave count. I also use dynamic support and resistance levels together with trendline analysis to identify high-probability trading opportunities. These tools indicate that the prevailing trend remains bearish while helping me monitor potential reversal areas. Trading Outlook I will closely watch the liquidity zone for confirmation before entering any position. If sellers defend the upper channel resistance, I expect price to continue declining toward the projected target near the lower channel support. However, if buyers manage to break and hold above the descending channel with strong bullish momentum, it would weaken the current bearish outlook and increase the probability of a broader recovery. Until then, I remain cautious and continue to favor selling opportunities that align with the dominant H4 trend.