WTI failed to penetrate the March 21 high of $60.37 earlier this week and is now trading near $59.20 per barrel. The price action has taken the shape of the double top pattern on the 4-hour chart.
Acceptance below the neckline support of $58.15 would confirm a bullish-to-bearish trend change and would open the doors to $55.93 (target as per the measured move method).
A drop to the neckline support looks likely as the 4-hour chart RSI is charting lower highs, having created a bearish divergence on March 21.
4-hour chart
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Trend: Bearish
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