Page 4 - Oil Technical News Today

WTI crude oil may see an imminent minor pull-back below US$87.25 key short-term resistance after a strong bullish reversal last week

WTI crude oil is now exhibiting positive momentum which suggests a potential bullish continuation of its medium-term uptrend phase,

West Texas Oil faces the risk of a short-term corrective pull-back within its current medium-term uptrend phase from 28 June 2023 low

Geopolitical tensions provide support for oil prices, while a strong rebound is unlikely until the banking crisis dissipates.

The WTI bear trend continues despite OPEC+ output cuts and positive re-opening news out of China. Can Biden’s target price for SPR refills act as an artificial price floor?

WTI oil continues to build a broad base that could end up leading to an explosive move higher at some point in the not-too-distant future.

Crude oil prices are down over 6% this week as China increases virus-curbing measures after a surprise US stockpile build. A major US refinery is back online, but WTI’s chart shows a breakout chance.

WTI oil continues to get increasingly quieter and looks on the verge of breaking out; scenarios and levels to watch in the days ahead.

Crude oil prices fell around 2% on Monday as lockdowns across China ramped up. Traders await inventory data from the EIA ahead of major macro data, including the FOMC rate decision and the US jobs report.

Oil prices have rallied back above a key pivot zone with WTI now eyeing yearly downtrend resistance. Levels that matter on the WTI weekly technical chart.