WTI crude oil has broken the main ascending trend line shown on image, invalidating our earlier bullish scenario. The commodity is heading towards the previous key low at 93.35 level, which meets the 50-day SMA around the same levels. Accordingly, we will monitor price action around these levels to confirm the next potential move.
- Support: 93.50, 93.35, 93.00, 92.00, 91.00
- Resistance: 94.50, 95.65, 96.20, 97.00, 97.70
Based on the charts, we remain on the sidelines.