Oil Searches for a Clearer Direction 3/2/2026

WTI crude oil futures are experiencing mixed price action as the market attempts to recover from the previous session’s losses, with prices currently stabilizing around the $61.50 area.

Technical Outlook – 4-Hour Chart

Momentum indicators are offering limited support. The Relative Strength Index (RSI) is working to ease oversold conditions, which may help stabilize prices in the short term. This comes as price action continues to trade along an ascending trend line.

However, the broader technical picture remains cautious. The ongoing corrective downward wave continues to dominate, raising questions about the market’s ability to sustain a meaningful recovery at this stage.

Key Technical Scenarios

Given the mixed signals, price action should be closely monitored to confirm direction:

• As long as trading remains below the $62.60 resistance level, the downside scenario remains the preferred outlook, with targets at $60.80 and then $60.20.
• On the other hand, a confirmed break above $62.60 would improve the technical picture and could open the door for a move toward $63.35.

Caution:
Market risk remains elevated amid ongoing trade and geopolitical tensions, and all scenarios remain possible.

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: 60.85	R1: 63.35
S2: 59.90	R2: 64.85
S3: 58.40	R3: 65.85