WTI Crude Oil, Technical Analysis – H1

WTI crude oil is forming a classic W-shaped upward reversal pattern. However, bulls continue to show noticeable weakness when attempting to approach the key resistance at $77.30 (and previously at $79.80). As a result, we can expect intense and nervous back-and-forth trading within the $75.00–$77.30 range.

Key Levels:

□ $75.00 — strong support zone

□ $77.30 — key immediate resistance

□ $79.80 — previous significant resistance

Primary Scenario:

Trading within the horizontal range of $75.00–$77.30.

Alternative Scenario:

Breakout above $77.30.

Analyst Commentary:

Long positions initiated from the $75.00 zone appear relatively safe in the near term, but traders should stay highly attentive to developments around US-Iranian public statements.