Oil Prices Form Bearish Head & Shoulders – Key Neckline in Focus

29 Jul

WTI crude oil is showing a clear Head and Shoulders (H&S) pattern, which is a strong bearish reversal signal. The left shoulder formed in early July, followed by a higher peak forming the head in mid-July, and finally the right shoulder near the current levels, which is lower than the head. The neckline is positioned around $66.00, acting as a key support level. Currently, the price is trading at $67.34, hovering slightly above this neckline, indicating that the market is at a critical decision point. A confirmed break below the neckline could accelerate bearish momentum, targeting the $62.20 – $62.80 zone based on the pattern’s measured move. However, if the neckline holds, a possible bounce toward $68.50 – $69.00 could occur, but overall bias remains bearish unless the price can break and sustain above $69.00.

Key Price Levels:
- Resistance: $68.50 – $69.00
- Neckline Support: $66.00
- Bearish Target (if confirmed): $62.20 – $62.80

Note
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30 Jul

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Chart is invalid bcz oil breaks main resistance of $69