After hitting this resistance at $66, oil prices dropped, falling below the
$62 region, which indicates price uncertainty. A break below $55 will confirm strong negative price action and indicate further downside to $50. However, a breakout above $65 will initiate a strong rally toward $75. Overall, the picture remains bearish, and the price requires a break of one of these levels to find the next move.
The daily chart for WTI crude oil also shows a strong negative price section, as the price dropped below 200‑day SMA. Now the price is moving toward the $60 region, which indicates buildup of negative price action. A break below $58 will introduce further downside to $55. However, a break below $55 will confirm negative trend and introduce a strong drop.
