WTI crude oil be expected to fall further toward the next support level 64.00 (target price for the completion of the active ABC correction (2)
– WTI crude oil broke key support level 69.20
– Likely to fall to support level 64.00
WTI crude oil under the strong bearish pressure after breaking the support area located between the key support level 69.20 (which has been reversing the price from December, as can be seen from the daily WTI chart below) and the support trendline of the wide daily down channel from the start of April, which encloses the most of the active C-wave. The breakout of this support zone accelerated the C-wave of the active multi-month downward ABC correction (2) from last year.
Given the clear daily downtrend and the bearish sentiment that can be seen across the crude oil markets recently, WTI crude oil be expected to fall further toward the next support level 64.00 (target price for the completion of the active ABC correction (2).
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