WTI Crude Oil, Technical Analysis – H1

WTI crude oil has an unfilled gap above in the $85 per barrel area. However, any discussion of buyers being ready to close this gap can only begin after — and if — the price firmly consolidates above $79.00. Until that happens, the dominant bearish trend should remain the primary framework for analysis.

Key Levels:

□ 79.00 (key resistance for bullish confirmation)

□ 77.00 – 75.00 (downside targets)

□ 85.00 (unfilled gap)

Primary Scenario:

Decline toward $77.00, $76.00, and $75.00.

Alternative Scenario:

Reversal higher following a confirmed breakout and consolidation above $79.00.

Analyst Commentary:

Oil is currently supported by optimistic investor expectations regarding the Middle East. However, this fragile sentiment can be disrupted quite easily.