Crude Oil (WTI), Technical Analysis – H1

Oil is presumably breaking out of the “bull flag” pattern, which may signal an impending upward impulse. The medium-term target within this formation is located no lower than the $97 per barrel zone (measured by the height of the flag).

Key Levels:

□ $91.00

□ $92.00

□ $93.00 (near-term targets)

□ $97.00 (medium-term objective)

Primary Scenario:

Rise toward $91, $92, and $93.

Alternative Scenario:

Some consolidation at current levels, which would delay the main phase of the pattern.

Analyst Commentary:

There is little doubt that the situation in the Middle East will provide all the necessary catalysts to drive this move.