WTI crude oil price drops to $65 as bearish momentum accelerates below key support zones
WTI crude oil continued its slide for a third consecutive session, dropping over 15% from the recent $77.50 peak to trade near $65 on Tuesday. The sharp reversal came after a failed breakout above multi-month resistance and now reflects a return to bearish dominance.
Highlights
- WTI crude oil fell over 15% from recent highs, reaching $65 after breaking key trendline support
- Momentum indicators remain bearish; price trades below all major EMAs on the 4-hour and daily charts
- Short-term recovery is capped unless bulls reclaim $68–$70 range with strong daily close
The fall has broken below critical moving average zones, erasing prior gains and signaling renewed downside risk.
USOIL price dynamics (Source: TradingView)
On the 4-hour chart, WTI has sliced through the $69–$70 support band and fallen beneath the EMA 20/50/100/200 cluster. Price action now hovers near the historically reactive $64 level, while the Bollinger Bands show a sharp expansion—indicating high volatility. The break below March's ascending trendline and confirmation of a rising wedge breakdown further underline the fragility of the current structure.
Bearish pressure builds below resistance bands
The 30-minute chart reveals compressed volatility and weak momentum. Price remains below the VWAP and Parabolic SAR, with RSI stuck around 43, showing minimal buyer conviction. The MACD is flatlining near zero, pointing to a pause in momentum rather than a reversal. A sustained failure to reclaim the $66.30–$68 resistance zone would expose deeper targets near $60.65—a key daily support from the April consolidation zone.
On a broader scale, the rejection from the $77.50 level—aligned with the October 2023 resistance and the descending macro trendline from 2022—suggests the long-term bearish structure remains dominant. Until bulls reclaim $70 on a daily closing basis, sellers are likely to remain in control.
In earlier analysis, we noted that crude oil's structure was approaching a make-or-break point near $74–$77. That area acted as a key supply zone in multiple past rallies. The current rejection and breakdown validate those earlier concerns, with downside risk now unfolding in line with our cautionary view.
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