WTI Crude Oil XTIUSD Chart Technical Outlook completes the crab formation at $68.58
We have seen an aggressive drop in oil this morning on news that the ceasefire between Israel and Lebanon may take effect within hours.
From a technical standpoint, we have completed the bullish Crab formation at $68.58. Previous support now becomes resistance at $70.36. This is also a supply zone from overnight.
I would monitor the one-hour close for a possible inverted hammer pattern. These formations often indicate the end of a trend and start a new output bias.
