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. 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.