The WTI instrument currently exhibits a bearish momentum, suggesting a downward trend. In the short term, there is a potential for a price increase towards the first resistance level, followed by a reversal towards the first support level.
The first support level at 62.053 serves as a strong multi-swing low support, indicating potential price stability. Additionally, the intermediate support level at 64.599 further reinforces its significance.
On the upside, the first resistance level at 73.600 is identified as an overlap resistance, potentially hindering upward price movement. Similarly, the second resistance level at 82.866 acts as another overlap resistance. These support and resistance levels will play a crucial role in determining the bearish momentum of the WTI instrument