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The WTI price is trading around $58.64 per barrel, retreating after encountering strong resistance near the psychological level of $60.00, which coincided with the 2/8 Murray level at $59.37, representing strong resistance.
Last week, crude oil attempted to break through the $59.60 zone but encountered strong resistance. Today, we are also seeing a second attempt, which could be forming a double top pattern.
A decline is likely to occur in the coming days towards the 200 EMA located at $57.96 and could eventually reach the 21 SMA at $57.41 only if the price falls below the double top pattern.
The formation of a technical pattern around $59.40 could confirm a strong bearish sequence for crude oil in the coming days, which is expected to reach the 0/8 Murray at $56.25.
A consolidation above $59.37 could change the bearish scenario, and WTI is expected to reach the psychological level of $60.00 and even the 3/8 Murray around $62.25.
The Eagle indicator is showing negative signals, so if a pullback occurs in the coming hours towards the 2/8 Murray, it will be seen as a signal to open short positions with targets at $56.25.
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