Analysts forecast further downside for WTI crude as bearish wave patterns target a $68-$73 support zone.
WTI Light Crude Oil (CL) remains in a bearish sequence following its peak on May 19, 2026, with technical analysis pointing to a potential drop toward $68-$73. The decline from the high has already completed wave 1 at $86.35, with subsequent corrective rallies failing to reverse the trend.
The current wave structure suggests continued downward pressure, though short-term corrections may occur. Prior highs and corrective patterns align with broader bearish momentum, reinforcing the target range. Market participants are monitoring these levels for potential support or further breakdowns.
No immediate market reaction data was provided, but traders are likely adjusting positions based on the projected downside targets.