WTI Crude Oil – Dual Falling Wedges in Play!🛢️ #WTICrudeOil
CMP: $58.25
🟡 S maller Falling Wedge (Yellow)
• Breakdown candle formed
• Breakdown confirmation on weekly close below $58.22 (low of breakdown candle)
• Target: $52.71
• Converges with key price action support zone at $52.48–50.55
• Also aligns with long-term wedge trendline support
🟣 Larger Falling Wedge (Purple)
• Still intact
• Bullish Breakout confirmation: Weekly close above $77.57
🔽 Support Levels
• Immediate: $55.15
• Zones: $52.48–50.55, $45.04–42.93
🔼 Resistance Levels
• Immediate: $58.35
• Zones: $60.68, $61.45–61.96, $63.98–66.42
⚠️ Outlook
Short-term bias remains bearish , watching for a weekly close below $58.22 to confirm breakdown.
Long-term bullish reversal possible only above $77.57 (WCB) .
#CrudeOil | #WTI | #OilChart | #ChartPatterns | #FallingWedge | #PriceAction | #Commodities
📌 Disclaimer: This analysis is shared for educational purposes only. It is not a buy/sell recommendation. Please do your own research before making any trading decisions.
