Long

WTI OIL - 4H Bullish Again

has shown signs of completing its recent correction phase, setting the stage for a potential bullish move. Technically, after a strong upward surge driven by bullish momentum, entered a two-leg correction that appears to have found support. This could suggest that the price is ready to continue its upward trajectory from the current support zone.

Fundamentally, oil prices have been supported by several factors over the past week. Ongoing supply cuts from OPEC+, especially from Saudi Arabia, have tightened the global oil market. Additionally, expectations of increased demand, fueled by economic resilience in key markets like the US and China, have contributed to upward pressure on prices. These combined factors could further bolster WTI’s next move to the upside.

Note

WTI Oil has completed a three-leg correction, reaching a key order block zone, setting the stage for a potential bullish rise from this support area. The bullish momentum from the previous correction indicates a strong possibility of a rebound, aligning with the technical setup.

Sober_Trading

Join our Telegram channel via this link for analysis and trading signals.
t.me/+LT1LpjRoXPg4NGU8

Also on:

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.