WTI Oil Trapped in Double-Top Pattern

Crude Oil WTI has been struggling to break through the $93.64 resistance level, which it hit on its way up to a high of $93.03. The market has been overbought, with an RSI reading of 71.76 and a fading MACD histogram warning of a potential double-top reversal.

The bulls are on a tightrope as the price slips back to $91.97, turning away from the high. A bearish setup is attractive between $93.00 and $93.64, targeting a double-top pattern.

Aggressive shorting could trigger if momentum rolls over at this point, especially with a confirmed 5-hour close below the 20-period moving average of $90.93.