WTI Oil Daily Chart – Rebound
The daily chart for WTI crude oil shows a rebound from strong support near the $55 area. However, prices failed to break above the $66 level, indicating the market remains in a bearish trend. The price trades below the 50- and 200-day SMAs, reinforcing the bearish outlook. A break above $72.50 is required to confirm a shift to an upward trend.
WTI Oil 4-Hour Chart – Descending Broadening Wedge
The 4-hour chart for WTI crude oil shows that the price is trading within a descending broadening wedge pattern. Bullish formations are developing near the bottom of the wedge, indicating potential reversal signs.
However, the trend remains bearish as the price fails near the $67 resistance area. A break above the $70–$71 zone would signal a positive move toward the $73 level. A confirmed break above $73 would shift from a bearish to a bullish trend.
