Oil Under Buyers’ Control: Can the Bullish Momentum Last? 23/4/2026

The upward trend has returned to dominate the movements of US crude oil (WTI) futures contracts, despite the fluctuating prices in recent sessions, indicating continued positive momentum in the short term.

Technical Outlook – 4-Hour Timeframe:

In the short term, prices are holding above the simple moving averages, which have begun to form a bullish crossover, reinforcing the likelihood of a continued upward trend. Furthermore, the price has successfully broken through a descending corrective trend line—a positive technical signal that supports the possibility of further gains in the coming period.

Likely Scenario:

Trading stability above the 91.50 support level maintains the bullish bias, with a first target of 97.30. A break above this level could accelerate the upward trend toward 98.40 as the next target.

Conversely, a return to and stabilization below 91.30 could reinstate selling pressure on prices, with a potential decline toward 88.85 as the first target.

Note: Today, April 23, 2026, oil markets are experiencing significant volatility following reports that WTI crude surged over 3% to settle near $92.96. This spike is driven by escalating tensions in the Strait of Hormuz, where despite a ceasefire extension, the ongoing U.S. naval blockade has led to the seizure of vessels and threats of a total maritime shutdown. Traders are also awaiting U.S. Flash PMI and Initial Jobless Claims data, which may further influence the dollar’s strength and oil demand outlook.

Caution: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios are possible. Trading in oil involves high risk and may not be suitable for all investors.

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: 88.85	R1: 98.40
S2: 83.50	R2: 102.50
S3: 79.40	R3: 107.80