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WTI Crude Oil Breaks a Rising Trendline from 2010.

Last week, WTI Crude Oil Price ended with a bearish engulfing candle, suggesting further downside. However, there was a rising trendline that gave some initial support. This week, we are seeing price break below this rising trendline that comes up from the 2010-low of 67.16.

(WTI Crude Oil Weekly)

This break exposes the 2013-low in the 85.93-86.00 area, as well as the support pivot at 84.07. In fact, if price gets into this area, we should anticipate some short-term support especially if the weekly RSI dips below 30 as well. For now, we should look for resistance around 90.00, and downside risk toward 85.