WTI Crude Oil – Bearish Continuation Toward Daily and Weekly Targets
Monthly trend remains dominant as daily structure breaks confirm downside momentum
Market Overview
WTI crude oil continues to respect its larger bearish framework. The recent price action confirms a continuation move after a corrective structure on the daily chart failed to reclaim prior support zones. Multi-timeframe alignment now favors further downside exploration into marked target Fibonacci zones and weekly pivots.
Long-Term Outlook
The monthly chart shows a clearly defined bearish trend structure. Price has respected the monthly pivot levels at $69.942 and $71.388, with no clean breakout above these key zones. This long-term resistance context reinforces the downside continuation thesis, with lower timeframe breaks now aligning accordingly.
The Daily Chart
A strong bearish impulse followed by a rounded corrective structure failed to break higher, rejecting cleanly from the $66.149 daily pivot. This was followed by a clean break below the rising trendline and daily support levels, notably $65.448 and $65.043, suggesting the end of the countertrend and resumption of bearish pressure.
The price has now transitioned back into an expansion phase, with multiple Fibonacci target levels below aligning with the broader trend.
Trigger Conditions
Short Trigger: Break of any H4/H1 countertrend.
Long Trigger: None valid while below $66.149 daily pivot and countertrend structure remains broken
Target Zones
Daily Target Fibonacci:
138.2% at around $63.327
161.8% at around $62.367
200.0% at around $60.774
Weekly Pivot Zone: $62.367
Validity
The daily pivot at $66.149 serves as structural invalidation. A clean reclaim and hold above this level would invalidate the current bearish continuation thesis.
Summary
WTI has resumed its macro bearish trend following a failed countertrend rally on the daily timeframe. The clean break of structure, violation of support levels, and alignment with higher timeframe resistance reinforces downside continuation toward the daily target Fibonacci zones and weekly pivot. Continuation setups favor short positioning below the daily pivot, with clear downside targets mapped out.
What’s your take on this WTI structure? Share your view in the comments—let’s compare frameworks.