WTI crude oil has broken below the support of a symmetrical triangle on the longer-term time frame, signaling that a sustained selloff could be in the cards.

Price is currently trading around $90.65 per barrel, having sliced through the triangle floor that had been holding since early in the year, opening the door for a measured move decline equal to the height of the formation, which spans around $80-120.

The symmetrical triangle spans a wide range, suggesting that the potential downside target from the breakdown could extend significantly below current levels if bearish momentum continues to build. For now, the broken triangle support could flip into resistance on any relief rallies, attracting fresh sellers looking to ride the downtrend.

The 100 SMA has crossed below the 200 SMA, confirming that the path of least resistance is to the downside and that the broader bearish trend is gaining conviction. Price is also trading below both indicators, which could now act as dynamic resistance on any bounces, keeping the selling pressure intact.

Stochastic has dipped into the oversold area, reflecting exhaustion among sellers in the near term and hinting that a short-term corrective bounce could materialize. However, the oscillator has room to linger in oversold territory before turning decisively higher, meaning the relief rally could be shallow.

RSI is also approaching oversold levels but still has some room to slide further, so price could keep drifting lower while sellers maintain the upper hand.

From a fundamental standpoint, an improving geopolitical landscape, particularly easing tensions in the Middle East, is removing a key supply-risk premium that had been supporting prices, leaving crude oil increasingly vulnerable to the bearish technical picture unfolding on the chart.

Escalating tensions, however, could still revive supply concerns and trigger another sharp rally for the energy commodity.