WTI Oil Technical Analysis: $70.95 is the level to beat for the bears

• WTI oil has charted a bear flag pattern – a bearish continuation pattern – on the hourly chart.
• A break below the flag support of $70.95 would signal a continuation of the sell-off from the Oct. 10 high of $75.06 and would open up downside toward $69.55 (100-day exponential moving average).
• Further, the bear flag breakdown, if confirmed, would boost the odds of a downside break of the trendline connecting the Aug. 16 low and Sept. 7 low.
• On the higher side, only a daily close above the falling 10-day EMA of $72.52 would invalidate the bearish view.”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹

Hourly Chart

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Current Price: $71.83

Daily High: $72.02

Daily Low: $71.59

Trend: Bearish below $70.95

Resistance

R1: $72.52 (10-day EMA)

R2: $72.88 (MAy 22 high)

R3: $73.10 (Oct. 8 low)

Support

S1: $70.95 (bear flag support + 50-day EMA)

S2: $69.55 (100-day EMA)

S3: $69.00 (psychological support)