WTI crude oil price, after breaking its medium-term downtrend, has entered a corrective phase and is currently consolidating around the $60 level. The chart indicates that buyers stepped in strongly from the key demand zone between $57 and $59 (green box), leading to a temporary rebound. However, the bullish momentum has not yet been fully confirmed.
Key Supply and Demand Zones
Demand Zone (Support): $57 – $59
This area has shown strong buying reactions. If the price revisits this zone, buyers could step in again and trigger another bullish impulse.
Supply Zone (Resistance): $61.5 – $63
The price faced selling pressure in this range. A failure to break above this resistance could lead to further corrections toward lower levels.
Major Resistance Above: $65 – $67
If the price manages to break above $63, this upper resistance zone becomes the next bullish target, which also acted as a key top in the past.
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Current Market Structure
After breaking the descending trendline (black line) and consolidating above it, the market structure has shifted from bearish to neutral/ranging. However, recent candles suggest a decline in buying momentum and a potential retest of the demand zone.
If the price remains above $59, bulls could regain control and push the price toward higher resistance zones. But a confirmed breakdown below $57 would activate a new bearish scenario, potentially driving prices down toward $54.
Possible Scenarios
✅ Bullish Scenario:
- Holding above $59
- Breaking above $61.5 resistance
- Next targets: $63 and $66
❌ Bearish Scenario:
- Breaking below $57
- Downside targets: $54 – $55
Conclusion
The WTI crude oil market is currently in a decision-making phase. The $59 zone plays a critical role in determining the next move. Short-term traders should closely monitor price action around this level to identify whether the market will continue its upward correction or start a new bearish wave.
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