West Texas Intermediate (WTI) US Crude Oil prices edged higher during the Asian session on Friday, snapping a four-day losing streak that had pushed prices to an over two-week low the previous day. However, the commodity remains below the key psychological level of $60.00, calling for caution among bullish traders before positioning for any meaningful upward move.
From a technical perspective, WTI has been trending lower within a downward-sloping channel since late October. Additionally, an overnight breakdown below the 100-period Simple Moving Average (SMA) on the 4-hour chart suggests that the path of least resistance for crude oil prices remains to the downside.
As a result, any subsequent move upward is likely to attract fresh selling pressure near the $60.30 region. Should prices sustain strength beyond this level, crude oil could rally further but is expected to face stiff resistance near the trend-channel hurdle currently pegged around $60.65.
If buying momentum continues, it may negate the near-term bearish outlook and trigger a short-covering rally. This could allow crude oil prices to aim for reclaiming the $61.00 round figure.
On the downside, the $59.00 mark could provide some support ahead of the overnight trough near $58.75. A break below this level might see crude oil challenge the lower end of the descending channel, currently around $58.35.
A decisive break below the trend channel could expose WTI to further declines below the $58.00 level, targeting additional support in the $57.40–$57.35 region.
*WTI 4-hour chart analysis indicates continued caution as the market navigates these key technical levels.*
https://bitcoinethereumnews.com/finance/trades-below-60-00-amid-bearish-outlook/