It looks like WTI Crude Oil prices are currently stuck around the middle of their range, with key decisions looming ahead!
Will we see a bounce back toward support, or is the price gearing up for another push higher toward the top? Thanks to Hubtrading for this insight.
Here are the near-term inflection points I’m keeping an eye on, based on the 4-hour time frame:
WTI Crude Oil (USOIL): 4-Hour Chart Analysis
On the 4-hour chart, WTI crude oil is currently stuck in a sideways range, with support at $66.85 per barrel and resistance at $77.35. Geopolitical tensions and ongoing global supply concerns have kept prices fluctuating within this range over the past few months.
After last week’s post-election rebound, oil managed to close the price gap but faced rejection when testing the mid-range area once again. So, where could oil head next?
Key Observations:
- A small double top pattern has formed with a neckline around $70 per barrel. A break below this level could lead to a move back toward the range support around $66.85.
- If the price rallies above the former support-turned-resistance at $72.22 (R1), it could pave the way for a push toward the upper end of the range at $77.35.
- Watch out for potential selling pressure around $74.07 (R2), which coincides with a major psychological level.
As always, fundamental news will likely drive the volatility and direction of WTI crude, so it’s essential to stay up-to-date with the latest headlines. Be mindful of your position sizing and risk management before taking any trades, and keep an eye on the economic calendar for major events that could impact market sentiment.
Stay alert, and happy trading!
