WTI crude is grinding into a pivotal horizontal support near 6,020 after another sharp rejection near the 50-day SMA:
As it stands, bears remain in control unless bulls can defend this floor and drive a breakout back above the 50-day SMA.
-MW
- Support at Risk: Price is pressing into the horizontal support zone formed by May’s lows (~6,020). A clean break below would shift momentum back decisively to the downside.
- Bearish Structure: Price remains well below both the 50- and 200-day SMAs, which are angled downward—consistent with a medium-term downtrend.
- Momentum Fading: MACD is negative and turning lower again, while RSI is stuck near 45 and showing no bullish divergence.
- Next Support: If support fails, next downside level is likely around the YTD low near 5,400.
As it stands, bears remain in control unless bulls can defend this floor and drive a breakout back above the 50-day SMA.
-MW
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