WTI Crude Oil Prices Test Key Support at $90.47 Amid Bearish Reversal Signal

WTI crude oil prices are facing a crucial test as they approach key support at $90.47, according to FXEmpire's analysis of the market.

The daily chart of WTI spot crude oil shows a larger trend structure that may leave room for deeper losses. Last week's high established a lower swing high near resistance represented by the upper boundary of a rising trend channel.

However, the bearish reaction that followed suggests further selling pressure, with the lower boundary of the channel becoming a potential target. A weekly bearish reversal signal triggered this week on a decline below last week's low of $99.22.

Despite these technical indicators pointing to further losses, a bounce above Monday's high of $101.15 could be enough to confirm bullish momentum and potentially complete the retracement.