Oil Weekly Technical News Today

Oil prices plunged more than 6% this week with WTI now testing a critical support pivot- a BIG moment for Crude. The levels that matter on the weekly technical chart.

Oil prices surged more than 5% off the lows with WTI reversing sharply off key technical support- is a low in place? The levels that matter on the weekly chart.

Crude oil surged more than 12% off the July lows with a rebound off technical support in focus heading into August. The levels that matter on the WTI weekly chart.

Crude oil plunged more than 30% off the highs with the decline approaching multi-year trend support. The levels that matter on the WTI weekly chart into the July close.

Oil prices have rebounded off of recent lows after bears failed to drive prices below Fibonacci support at $93.5. Key technical levels continue to hold firm.

While the longer-term bullish trend remains intact, the potential for a major reversal has reared its head this week.

WTI crude oil prices saw the best week since June 2020, but the commodity remains tilted to the downside as it trades within the boundaries of a Descending Channel.