In the 4-hour chart of WTI crude oil, we can see that after a strong bearish trend, the price is now consolidating between the $59 and $61 levels. The breakout of the downtrend line in late October signaled a possible shift in market structure from bearish to neutral. This move suggests that sellers have lost full control of the market, while buyers are now attempting to reclaim previously lost support levels.
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The green zone between $58.8 and $59.7 represents a strong demand area that previously triggered a sharp upward reaction. The recent bounce from this level confirms that buyers are still defending this zone aggressively. If this support continues to hold, we can expect the price to attempt another upward move toward the higher resistance areas.
The intermediate resistance zone between $61.5 and $62.8 (highlighted in pink) currently acts as the main obstacle for buyers. If the price manages to break and hold above this range, the next upside target could extend toward the key resistance at $65–66. However, if the price gets rejected from this resistance, a pullback toward the lower support area and continued range-bound movement between $59 and $62 remains likely.
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