Crude Oil WTIUSD Chart Technical Outlook trades lower within the CD leg, the Butterfly formation will be completed at $65.42
Although we saw continued upward pressure from the $67.81 swing low, sellers returned at the supply zone of $70.56 from November 25. The subsequent sell-off has been impulsive.
We are assessed as trading within the CD leg of a Butterfly formation. This pattern will be completed on a move to $65.42. With intraday signals at oversold extremes, there is scope for a mild correction. $69.50 has been a pivotal level.
Conclusion: the bias remains to the downside with the focus on $65.42. $69.50 is prime resistance today.
Resistance: $69.50 (pivot), $70.56 (supply), $71.67 (swing high)
Support: $67.81 (AB), $66.76 (swing low), $65.42 (Butterfly)
