WTI Crude Oil, Technical Analysis – D1

The key question on everyone’s mind is: where is the bottom for oil? On the daily chart for WTI Crude, a prominent unfilled gap stands out at the $68.00 per barrel level. Price action suggests the market is heading precisely toward this zone.

An unfilled gap also remains higher up, but closing it would likely require either a sudden disruption of oil traffic agreements in the Strait of Hormuz or a fill from below.

Key Levels:

□ 68.00 (major unfilled gap and primary support target)

Primary Scenario:

Continuation of the downtrend toward $68.00.

Analyst Commentary:

The target under the primary scenario is medium-term and lies beyond the current trading day.