StoneX: WTI crude oil's upward momentum is weakening; if it continues to fall below $62, it may test the $60 level.

StoneX Senior Market Analyst Matt Simpson stated that technical analysis shows the upward momentum of West Texas Intermediate (WTI) crude oil futures is weakening. A lower high and a shooting star candlestick pattern formed on Wednesday, and Thursday's daily close was bearish and below the trend support level. Simpson pointed out that the rally that began at $54.70 per barrel may face a three-wave correction. The previous high near $62.88 per barrel could serve as near-term support, but if prices continue to fall below $62, oil prices risk dropping toward the $60 mark. The front-month WTI crude oil futures are quoted at $62.88 per barrel, up slightly by 0.1%.