The WTI Crude Oil chart shows a strong breakout from the symmetrical triangle pattern that was forming for several weeks. Price has decisively broken above the descending resistance trendline and is now testing the $70–$71 area, which aligns with the 0.382 Fibonacci retracement level (around $70.27) and an important horizontal resistance ($71.03). This breakout indicates strong bullish momentum, supported by the recent series of higher lows and a sharp upward move in recent sessions.
If price sustains above $69.05 (previous breakout zone), we could see a bullish continuation towards $73.40 (0.118 Fibonacci) and potentially to $76.00–$76.50, which is the upper resistance block marked on the chart. However, if the price fails to hold above $69.00, there could be a pullback to retest the broken triangle resistance around $67–$68 before any next bullish leg.
Weekly Chart
The weekly chart of WTI Crude Oil is showing a long-term downtrend channel, where price has been consistently making lower highs and lower lows since mid-2023. Currently, oil is trading around $69.96, showing a sharp bullish push of 6.13% for the week. However, the price is still inside the broader descending channel, which keeps the long-term trend bearish unless a confirmed breakout occurs.
Key Resistance Levels:
- $70.27, $71.03, $73.43
Support Levels:
- $69.05 (previous breakout zone)
- $67.00–$68.00 (triangle retest area)
Trend Outlook:
- Short-Term: Bullish momentum; pullbacks likely to hold above $69.05.
- Medium-Term: If $71.85 breaks, price may target $76.00–$76.50 resistance.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
If price sustains above $69.05 (previous breakout zone), we could see a bullish continuation towards $73.40 (0.118 Fibonacci) and potentially to $76.00–$76.50, which is the upper resistance block marked on the chart. However, if the price fails to hold above $69.00, there could be a pullback to retest the broken triangle resistance around $67–$68 before any next bullish leg.
Weekly Chart
The weekly chart of WTI Crude Oil is showing a long-term downtrend channel, where price has been consistently making lower highs and lower lows since mid-2023. Currently, oil is trading around $69.96, showing a sharp bullish push of 6.13% for the week. However, the price is still inside the broader descending channel, which keeps the long-term trend bearish unless a confirmed breakout occurs.
Key Resistance Levels:
- $70.27, $71.03, $73.43
Support Levels:
- $69.05 (previous breakout zone)
- $67.00–$68.00 (triangle retest area)
Trend Outlook:
- Short-Term: Bullish momentum; pullbacks likely to hold above $69.05.
- Medium-Term: If $71.85 breaks, price may target $76.00–$76.50 resistance.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.