FX.co ★ Imran9 | CL/Crude Oil

*Technical Analysis - WTI Crude Oil CFDs 4H Chart - TVC* *Price Action* Chart shows USOIL on 4H timeframe. Current price 68.46, up 0.01 (+0.01%). From mid-June, WTI dropped from ∼92.00 to 68.46. Structure: lower highs 92.00 → 80.00 → 75.00 → 71.00 → 69.00. Bounce from 68.00 early July failed at 70.00 and rolled over. Price is now basing at 68.00-69.00 at the dotted line. Structure: Clear descending channel with lower highs since June 11. Support at 67.50-68.00. 4H close below 67.50 breaks base and targets 66.00 → 64.00. 4H close above 70.00 opens 71.50 → 73.00 retest. Major trend since June 11 is bearish. Short-term since June 25 is a bearish drift into support. *Volume* Volume histogram at bottom. June 11-14 drop 92.00 → 80.00 had tall red volume = capitulation. Decline from 75.00 → 68.00 had steady red volume = distribution. The last few 4H candles at 68.46 show volume contracting = indecision at support. For breakdown, need 4H close below 67.50 with red volume > June 28 bars. For bounce, need 4H close above 69.50 with green volume expansion. *RSI* RSI not visible. Based on price: RSI was ∼70 at 92.00 = overbought. After the drop to 68.46, RSI would be ∼32-36 = approaching oversold. Price making lower lows while RSI likely making lower lows = bearish momentum. Key levels: RSI break below 30 confirms drop to 65.00. RSI break above 45 risks 70.00. Add RSI 14 for exact reading. *Moving Averages* No MAs plotted. On 4H: 20 EMA ≈ 69.20, 50 SMA ≈ 71.00, 200 SMA ≈ 77.00. Price at 68.46 is below 20 EMA + 50 SMA + 200 SMA = full bearish alignment. Dotted line at 68.46 is under 20 EMA = dynamic resistance at 69.20. Bearish shift: 20 EMA < 50 SMA < 200 SMA. Bullish shift requires 4H close above 200 SMA at 77.00 with 20 EMA crossing 50 SMA. *Intro Point / Key Level* *68.00-68.50* is the intro point = daily support zone + 20 EMA resistance confluence. 1. *Bearish Breakdown*: 4H close below 67.50 + red volume expansion + price below 20 EMA confirms continuation. Entry short below 67.40. Target 1: 66.00. Target 2: 64.00. Invalidation: 4H close back above 68.70. 2. *Bullish Reclaim*: 4H close above 69.50 + green volume expansion + price above 20 EMA = relief bounce. Entry long above 69.70. Target 1: 70.00. Target 2: 71.50. Invalidation: 4H close below 67.80. 3. *Support Bounce*: If price holds 68.00 with 4H bullish engulfing + green volume. Entry long above 68.50. Target 1: 69.20. Target 2: 70.00. Invalidation: 4H close below 67.00. Until 70.00 reclaims with volume, WTI remains bearish below all MAs on the 4H timeframe.