WTI Crude Oil, Technical Analysis – H4
Oil remains in a clear and undisputed downtrend. However, an unfilled gap around $84.20 may act as a catalyst for a corrective bounce.
Oil remains in a clear and undisputed downtrend. However, an unfilled gap around $84.20 may act as a catalyst for a corrective bounce. The key resistance level that would validate such a correction is $70.00.
Key Levels:
□ $70.00 – key resistance
□ $84.20 – unfilled gap zone
Primary Scenario:
Consolidation and hold above $70.00, potentially leading to an upward reversal.
Alternative Scenario:
Consolidation below $70.00, signaling continued bullish weakness.
Analyst Commentary:
The optimal trading approach is to closely monitor the market’s reaction at the $70.00 level.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.