🛢️ Oil at $76.45 — bouncing but still in a STRONG downtrend. The question isn't IF it recovers, it's WHEN.

📊 Technical Snapshot:
→ Price: $76.45 | RSI: 43.5 (leaning bearish)
→ Trend: Strong Downtrend | Volume: 61K (below average)
→ Below ALL major moving averages

🔍 Key Logic:
WTI is -30% from 3-month highs and struggling to find a floor. The bounce from $68.55 lows is encouraging but the trend is firmly bearish. OPEC+ production decisions and global demand concerns are the key catalysts. Low volume on this bounce suggests bears are still in control.

📍 Key Levels:
→ Support: $70.44 (must hold) → $68.55 (3-month low)
→ Resistance: $81.04 (SMA50) → $82.86 (SMA10)

⚠️ Don't fight the trend. The bounce could extend but the path of least resistance is still DOWN.

Is oil heading to $70 or $85 next? What's your energy thesis for August? 👇

#Oil #Commodities #WTI #DYOR

⚠️ Not financial advice. DYOR. Markets carry risk — never invest more than you can afford to lose.