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.
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.
Николай Криштопов — рыночный аналитик Investizo с более чем 15-летним опытом работы в индустрии финансовых рынков и более чем десятилетним опытом трейдинга. В сферу его интересов входят валютный и криптовалютный рынки, технический анализ, внутридневная торговля и поведение рынка.