WTI SIGNAL 19-05-22 : Crude Oil Technical Outlook WTI Leaves Behind Bearish Warning Sign, More Pain Next?

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WTI SIGNAL

WTI SIGNAL 19-05-22 : Crude Oil Technical Outlook WTI Leaves Behind Bearish Warning Sign, More Pain Next?

WTI SIGNAL : WTI crude oil prices aimed lower over the past 24 hours, dropping almost 4 percent. That was the worst daily performance in over a week. On the chart below, a bearish Evening Star candlestick pattern appears to have been left behind as prices tested the 113.72 – 116.61 resistance zone. Further downside confirmation could hint at more pain to come.

That would bring crude oil closer towards the rising trendline from December. A breakout lower would still leave the commodity facing the critical 92.95 – 95.11 support zone, however. The latter could step in, maintaining a broader neutral trading bias. Otherwise, clearing under the range of support opens the door to further losses and a bearish technical posture.

WTI SIGNAL : On the flip side, crude oil could confirm a breakout above immediate resistance and overturn the Evening Star. This could open the door to further gains and a more bullish outlook. That would expose the current 2022 high, which is part of the 124.76 – 129.41 resistance zone. Now, let us zoom in on the 4-hour chart for more immediate price signals.

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