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The WTI price fell to $56.52 after being rejected at about $58.67, a key level reached on December 24.
In the chart, we can see that the price formed a double top pattern, so it is likely to continue falling in the coming days until it reaches the 1/8 Murray around $54.68.
We can see that the US dollar is strengthening, which in turn is putting pressure on the price of a barrel. Therefore, crude oil is likely to continue its fall under downward pressure in the coming days. In the short term, oil could reach the psychological level of $50 per barrel.
The Eagle indicator is showing a bearish signal, and we expect a technical rebound from current price levels. If crude oil finds resistance around the 21 SMA located at $57.30, it will be seen as an opportunity to resume its bearish cycle.
If crude oil reaches the support of the downtrend channel around $55.68, it could be seen as a good point to open long positions with a target at $57.80.
In the coming days, WTI is expected to trade within the bullish-bearish trend channel formed since December 24.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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