Technical Update - Brent and WTI Crude oil taking out key supports confirming downtrend Technical Update - Brent and WTI Crude oil taking out key supports confirming downtrend Technical Update - Brent and WTI Crude oil taking out key supports confirming downtrend

Technical Update - Brent and WTI Crude oil taking out key supports confirming downtrend

Commodities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Brent and WTI Crude oil have taken out key supports confirming downtrend both short- and medium-term. there could be 10-15% further downside for oil

Brent Crude oil has resumed downtrend by taking out minor support at around 75.60 and the December lows at around 75.11. RSI back below 40 is confirming new downtrend.
A downtrend that could take Brent to strong support level at 65 close to the 0.618 retracement of the entire uptrend since Q2 2020. Minor support at around 69.24 close to the 1.382 projection of the Triangle like pattern Brent formed December-March.
For Brent to reverse the bearish trend a close above 86.75 is needed.

Source all data and charts: Saxo group

WTI Crude oil. After being range bound for several weeks WTI took out minor support at 72.45 and key support at 70.00 resuming downtrend. WTI has reached 0.382 retracement of the entire uptrend since Q2 2020 where it went to minus 40.32. But further downside should be expected.
Daily and weekly RSI is back below 40 threshold confirming the bearish picture that is likely to take WTI down to support at around 61.80 possibly dipping down to support at around 57.25.

To reverse this bearish trend WTI needs to close above 79.90


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