Technical & Fundamental Analysis:
WTI Crude Oil (USOIL) has reached a strong support zone around $64.84, where buying pressure could lead to a bullish reversal. Based on the 30-minute chart, we observe key technical signals indicating a potential upside move.
Technical Analysis:
✅ Support Zone Identified: Price has tested the $64.84 - $65.00 area, showing signs of demand.
✅ Reversal Confirmation Needed: A bullish candle formation at this level could confirm a bounce.
✅ Supertrend Indicator: Price is currently below the Supertrend resistance but could flip bullish if it crosses above $66.50.
✅ Target Resistance: First key resistance is at $68.53, followed by $70.00+ if momentum continues.
Fundamental Factors:
🔹 Geopolitical Tensions & Supply Constraints – Any disruption in oil supply could trigger price increases.
🔹 OPEC+ Decisions – Market expectations regarding production cuts may impact sentiment.
🔹 USD Strength & Inflation – A weaker dollar or higher inflation data can push crude oil prices higher.
Trade Setup & Plan:
Entry: Around $65.00 - $65.50 after confirmation of reversal.
Stop Loss: Below $64.80 (to protect against further downside).
Take Profit 1: $68.50 (key resistance).
Take Profit 2: $70.00+ if bullish momentum continues.
Conclusion:
If WTI Crude Oil holds above $65.00, a bullish reversal toward $68.50 - $70.00 is likely. However, failure to hold support may lead to further downside. Keep an eye on price action and news catalysts!
Trade Wisely & Manage Risk!
WTI Crude Oil (USOIL) has reached a strong support zone around $64.84, where buying pressure could lead to a bullish reversal. Based on the 30-minute chart, we observe key technical signals indicating a potential upside move.
Technical Analysis:
✅ Support Zone Identified: Price has tested the $64.84 - $65.00 area, showing signs of demand.
✅ Reversal Confirmation Needed: A bullish candle formation at this level could confirm a bounce.
✅ Supertrend Indicator: Price is currently below the Supertrend resistance but could flip bullish if it crosses above $66.50.
✅ Target Resistance: First key resistance is at $68.53, followed by $70.00+ if momentum continues.
Fundamental Factors:
🔹 Geopolitical Tensions & Supply Constraints – Any disruption in oil supply could trigger price increases.
🔹 OPEC+ Decisions – Market expectations regarding production cuts may impact sentiment.
🔹 USD Strength & Inflation – A weaker dollar or higher inflation data can push crude oil prices higher.
Trade Setup & Plan:
Entry: Around $65.00 - $65.50 after confirmation of reversal.
Stop Loss: Below $64.80 (to protect against further downside).
Take Profit 1: $68.50 (key resistance).
Take Profit 2: $70.00+ if bullish momentum continues.
Conclusion:
If WTI Crude Oil holds above $65.00, a bullish reversal toward $68.50 - $70.00 is likely. However, failure to hold support may lead to further downside. Keep an eye on price action and news catalysts!
Trade Wisely & Manage Risk!
Trade closed: target reached
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.