WTI Crude Oil (USOIL) is hovering near $65.17, holding just above key ascending trendline support that originates from the June 13 low. Price action over the past few sessions suggests a descending triangle pattern is forming, marked by a series of lower highs capped under $67.10—a level that aligns with the 0.236 Fibonacci retracement of the recent $77.17 high.
The 50-period EMA at $65.43 continues to act as dynamic resistance, with price repeatedly rejecting attempts to close above it. As long as USOIL stays below $67.10, the short-term structure remains pressured. A confirmed break below $64 would likely trigger a move toward $62.85 and potentially $61.27.
However, if bulls can push above $67.10 with strong volume, it would invalidate the bearish pattern and open the path toward $69.02 and $70.58. Until then, crude remains range-bound with a bearish tilt.
