WTI crude oil is currently trading around $63.64 and has shown a bullish reaction from the key support zone at $61.50 – $62, highlighted in green on the chart. This level has acted as a strong floor multiple times in the past and remains a crucial area to watch for buyers.
Key Levels
Major Support:
$61.50 – $62 (green zone)
A breakdown below this zone could trigger a deeper drop toward $60 or even lower.
Major Resistance:
First resistance: $64.40 – $64.50
Second resistance: $66.30 – $66.50 (a significant multi-touch level on the chart)
Possible Scenarios
🔵 Bullish Scenario:
If price holds above $63.50 and breaks through the $64.40 resistance, a move toward $66.30 becomes likely. A confirmed breakout above this zone could open the way to $67.50 and beyond, giving buyers more control over the market.
🔴 Bearish Scenario:
If price fails to break above $64.40 and turns lower again, a retest of the $62 support is likely. A breakdown of this zone could invite heavy selling pressure and push the price lower.
Conclusion
WTI crude oil is currently trading in a range between $62 and $66.
Short-term traders can take advantage of the swings within this range.
Swing and position traders should wait for a clear breakout above $66.30 or a breakdown below $61.50 to confirm a new directional trend.
Submit Your Comments
(Replying)
Please keep in mind to avoid offensive keywords and also fake information.
Be the first one to comment.