🛢️ WTI Crude Oil (WTI3!) 4H Chart Analysis – May 5, 2025
🧠 Technical Snapshot:
Market Structure:
Clear downtrend from late April into early May.
Price recently found support at $54.38, a level that previously held as demand in early April.
Current Price Action:
Strong bullish reaction from the $54.38–54.16 zone.
Breakout attempt forming a higher low after retesting the lows, suggesting a potential bullish reversal or range play.
Trade Setup Observed:
Entry: ~$56.08
Stop-Loss: ~$54.17
Take-Profit: ~$63.50
Risk-to-Reward: ≈ 1:3.5 — excellent setup from a reward perspective.
🔍 Bias: Bullish (Short-term to Mid-term Reversal)
Why?
Price bounced from key support zone where price also previously reversed in early April.
Bullish engulfing candle suggests buyer interest.
Entry aligned with a potential double-bottom formation.
📍 Key Technical Levels:
Support:
$54.38 (Major swing low support)
$54.16 (Stop zone)
Resistance:
$63.50 (Major horizontal resistance zone)
Above $63.50 = Potential trend reversal confirmation
🔔 Strategy Suggestion:
A pullback entry toward $55.50–$56.00 may offer a better risk-adjusted entry.
Close partial profits near $60.00 if momentum slows before final TP.
🧠 Technical Snapshot:
Market Structure:
Clear downtrend from late April into early May.
Price recently found support at $54.38, a level that previously held as demand in early April.
Current Price Action:
Strong bullish reaction from the $54.38–54.16 zone.
Breakout attempt forming a higher low after retesting the lows, suggesting a potential bullish reversal or range play.
Trade Setup Observed:
Entry: ~$56.08
Stop-Loss: ~$54.17
Take-Profit: ~$63.50
Risk-to-Reward: ≈ 1:3.5 — excellent setup from a reward perspective.
🔍 Bias: Bullish (Short-term to Mid-term Reversal)
Why?
Price bounced from key support zone where price also previously reversed in early April.
Bullish engulfing candle suggests buyer interest.
Entry aligned with a potential double-bottom formation.
📍 Key Technical Levels:
Support:
$54.38 (Major swing low support)
$54.16 (Stop zone)
Resistance:
$63.50 (Major horizontal resistance zone)
Above $63.50 = Potential trend reversal confirmation
🔔 Strategy Suggestion:
A pullback entry toward $55.50–$56.00 may offer a better risk-adjusted entry.
Close partial profits near $60.00 if momentum slows before final TP.
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.