• WTI Crude Oil price action remains rangebound.

As the global manufacturing sector keeps on deteriorating, Crude Oil maintains a bearish bias despite the resilience coming from the OPEC+ cuts and the monetary stimulus from China.

WTI Crude Oil Technical Analysis – Daily Timeframe

WTI Crude Oil Daily

On the daily chart, we can see that Crude Oil got stuck in a range again. This is something we’ve been seeing for months now where Oil extends to the downside and then starts to range as OPEC+ intervenes with production cuts to stem the declines. The bias remains bearish for Crude Oil and given the multiple rejections at the $73 resistance, we may expect the price to test again the $64.29 support. A break below that level would open the door for a bigger selloff towards the $57 level.

WTI Crude Oil Technical Analysis – 4 hour Timeframe

WTI Crude Oil 4 hour

On the 4 hour chart, we can see that the price has recently rallied into the $73 resistance as expectations about more economic stimulus from China gave the buyers a reason to bid into the resistance hoping for a breakout. Unfortunately, Crude Oil reversed there, and once the price broke below the trendline, the selloff intensified as momentum sellers jumped onboard and took the price to the $67support. It looks like we have yet another range between the $67 and $73 levels.

WTI Crude Oil Technical Analysis – 1 hour Timeframe

WTI Crude Oil 1 hour

On the 1 hour chart, we can see that the price is now likely to test the $67 support and that’s where we should see the buyers stepping in with a defined risk below the level and target the $73 resistance. The sellers, on the other hand, will want to see the price to break below the support to pile in even more aggressively and extend the fall into the $64 low.

https://www.forexlive.com/technical-analysis/wti-crude-oil-technical-analysis-20230628/