WTI Short: Oil looking heavy, eyeing deeper dives

Hey KoraFX fam, Seojun here, checking in on crude. WTI's been feeling the pressure, staying bearish, and honestly, the charts are screaming for more downside in the short term. We're currently hanging around 72.2498, with the price showing a slight dip of -0.35% over the past 24 hours.

Technical Read: Resistance Holding Strong

Looking at the intraday chart, WTI tried to poke its head up but couldn't really sustain much momentum. The daily range has been pretty tight between 71.8744 and 72.6251. We've seen resistance around 72.5 and especially 72.6251 holding firm. This tells me that sellers are stepping in pretty quickly whenever price attempts a rally. It's a classic setup right here, with price struggling to break above key levels.

My Intraday Short Play

Given the bearish trend and the clear rejection from resistance, I'm eyeing a short position. My entry is set at 72.37. For risk management, I'm putting my Stop Loss just above the recent highs and minor resistance at 72.97 – gotta protect the capital, you know? My target for Take Profit is 71.17. This aligns nicely with the next key psychological support at 71.5 and the round number 71. Fundamentally, global demand concerns and recent inventory builds are still weighing on crude, providing a decent backdrop for this bearish push. Let's see if we can catch a move down towards that 71 handle. Remember, trade what the chart shows, not your bias!