Crude oil closed at USD 66.90 on Friday, November 15 2024, its lowest close since September 10, 2024 when it closed at USD 66.24. In this interim period of 2 months , it formed a massive Head and Shoulders pattern with a neckline slightly above USD 67. The Friday close below the neckline, is a bearish event that signifies a pattern breakdown. Please refer to the daily chart below.
Daily Chart of WTI Crude Oil - Breakdown from a massive H&S pattern
There are many reversals in the past 3 years from different price levels ranging between USD 61 and USD 67 which are likely to act as support. However, it does look likely that these supports would be tested in the coming weeks with crude looking technically weak.
Please scroll down to subscribe to our mailing list for regular updates on financial and commodity markets.
Comentários