Crude Oil Plunges Into Bear Market | WTI Crude Technical Analysis
WTI nearing its channel support after a sharp 22% fall. Channel support zone lie around USD55-57. The Support area also coincides with 71 week cycle in play.
Failure to hold the support zone could result more downside pressure.
Brent Crude Oil- Has closed outside the channel and is now resisting the lower channel boundary.
Brent Crude Oil-Trading in a rising price channel and hit the lower channel support recently. Good pullback from the channel support line.