Today’s focus is on WTI Oil, which is experiencing a sharp collapse, hitting the lowest levels since December 2024, marking new lows for 2025. The decline accelerated after the price breached the key support at $70.3, marked in orange, which previously held firm in February. This breakdown has shifted the sentiment to bearish, triggering a wave of selling pressure.
The price has now dropped to the last bullish stronghold, resting on the blue uptrend line, which connects higher lows since September 2024. This uptrend line is a critical support level, representing the final defense for the bulls. If WTI Oil closes the day below this blue uptrend line, it would be catastrophic for the buyers, confirming a bearish breakout and likely driving the price of oil below $65.
On the other hand, a strong bounce off this support and a move back above the orange resistance would indicate a false breakdown and provide a buying opportunity. However, given the current selling momentum, the chances of a bullish reversal are rather limited.
Today is a crucial day for WTI Oil, as the price action around this key support level will determine the next major trend. A breakdown would confirm a bearish continuation, while a rebound would provide short-term relief for the bulls.