WTI in a Downtrend – How Low Can It Go?

WTI in a Downtrend – How Low Can It Go?

Just two weeks ago, WTI was trading around $80, but now it has dropped to $74. Is this just the beginning of a longer downtrend?

As with many markets, the re-election of Donald Trump plays a crucial role. His plan to significantly increase oil production in the U.S. and export more crude abroad could put further pressure on oil prices.

From a technical analysis perspective, key short zones emerge: The resistance levels around $77 and $80 could serve as potential reversal points, as sellers might show increased interest there. On the downside, the $73 and $70 support levels come into focus—both potential targets for further declines.

If one of these levels is reached, a reassessment of the situation is recommended to evaluate the further potential of the downtrend.

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