WTI crude oil remains range-bound between the $62–$63 supply zone and the $58–$59 demand zone.
After breaking the previous downtrend line, price entered a corrective phase and is now consolidating below a key mid-term resistance level.
Key Chart Highlights:
The $62–$63 area acts as a major supply zone, repeatedly preventing further upside momentum.
The $58–$59 zone serves as a strong demand area, previously triggering bullish reactions.
A clear break below $58 could lead to a deeper retracement toward $56.
Conversely, a confirmed breakout above $63 would open the path toward $66–$67 levels.
Short-Term Outlook:
The market is currently in a consolidation phase, waiting for a decisive breakout from either side.
As long as price remains below $63, the downside pressure is likely to persist, with a potential retest of the demand area.
Conclusion:
WTI crude oil is in a state of indecision between buyers and sellers.
A breakout beyond either $58 or $63 will likely determine the next directional move. Traders are advised to wait for confirmation before entering positions to avoid premature entries.
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