On the daily timeframe, WTI crude oil continues to trade within a well-defined range between major supply and demand areas. The current price is around $62.3, where buyers are trying to defend a strong support zone between $60 and $61.
🔹 Demand Zone (Support)
The $60–$61 green area represents a strong demand zone that has triggered multiple bullish reactions in the past. Given these repeated bounces, there’s a fair chance of another upward move forming from this level. As long as the daily candle doesn’t close below $60, this support remains valid.
🔸 Supply Zone (Resistance)
The $65–$66 red zone above acts as short-term resistance. The price has repeatedly faced selling pressure near this area. A confirmed breakout above it could open the path toward the next major resistance around $77–$78 (upper red zone on the chart).
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⚖️ Market Structure
The overall market structure remains bearish with a corrective phase. However, holding the recent lows and breaking above $66 may indicate a potential trend reversal to the upside. Conversely, a breakdown below $60 would likely trigger further downside movement toward $56.
📊 Possible Scenarios
Bullish Scenario: Price holds above $61 and forms a strong bullish candle → first target at $65, second target at $66.5.
Bearish Scenario: A decisive break below $60 with strong volume → likely continuation toward $56.
🟢 Summary
The market is currently at a decision point. The $60 support level plays a crucial role in determining the next major move. As long as it holds, a bullish recovery remains possible, but losing this level could shift full control back to the sellers.
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