XTIUSD Chart Technical Outlook US Crude Oil breaks the channel formation to the downside
Continued selling pressure from $79.95 resulted in US crude oil breaking out of the channel formation to the downside.
We can also note an expanding wedge pattern. On a break of $74.05, the trend of higher lows, the measured move target is $67.74.
Bespoke support is located at $72.64. We have a 261.8% extension level located at $72.10 (from $80.82-$77.49)
Resistance: $78.74 (reverse trend line), $80.82 (swing high), $83.24 (higher highs)
Support: $74.05 (higher lows), $72.64 (bespoke), $72.10 (261.8%)
