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US Crude Oil (WTI) Technical Analysis
The bullish trend continues to govern the price action of US crude oil (WTI) futures, with the contract climbing to an intraday high of $97.77 during the early hours of today’s session.
Technical Outlook – 4-Hour Timeframe:
On the short-term horizon, prices remain firmly perched above the simple moving averages, which have started to form a positive crossover — a development that reinforces the probability of an extended upside move. The Relative Strength Index (RSI) likewise continues to lend support to the prevailing bullish momentum.
Moreover, the price has successfully pierced through a descending corrective trendline, delivering a constructive technical signal that bolsters the case for additional gains in the upcoming period.
The sustained stability of intraday trading above the $96.00 support floor preserves the bullish bias, with an initial target set at $98.50. A decisive break above this barrier would likely accelerate the uptrend toward $99.75 as the subsequent objective.
On the flip side, a return and consolidation below $95.40 could reignite selling pressure on the contract, paving the way for a potential pullback toward $93.45 as the first downside target.
Disclaimer: Trading oil carries substantial risk and may not be suitable for all investors.
Risk Alert: Risk levels remain elevated amid persistent trade frictions and geopolitical tensions — all scenarios should be considered plausible.
Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 95.40 | R1: 98.50 |
| S2: 93.45 | R2: 99.75 |
| S3: 62.25 | R3: 101.70 |
