WTI Crude Oil Breaks Key Support, Extends Bearish Momentum Amid Global Demand Fears

Key Technical Highlights:

• Support Break:
  Price has broken below the long-term $65–$66 support zone, triggering a sharp selloff. This support had held for years, so breaking it is a significant bearish signal.

• Chart Pattern:
  A triangle pattern was violated (red-dotted trendline), confirming bearish continuation and amplifying downside risk.

• Moving Averages:

  • 50-day SMA < 200-day SMA → Bearish alignment

  • Confirms that the macro trend remains negative

• Oversold Conditions:

  • Momentum indicators (likely RSI, Stochastics) are in oversold territory, suggesting potential for a short-term rebound or consolidation.

Fundamental Backdrop:

• Demand Concerns:
  Intensifying global trade tensions have raised fears of a recession, which could severely dent energy demand.

• Price Action:
  Crude has now fallen to levels not seen in nearly four years, adding to panic-driven selling pressure.