Based on the technical analysis of West Texas Oil (WTI) on the 4-hour timeframe, we're monitoring a potential bullish setup. If the price successfully breaks above the upper blue box resistance zone around 74.000, we'll maintain patience and wait for a healthy retracement. Once we observe clear confirmation signals during this pullback, such as bullish candlestick patterns or strong momentum indicators, we can look to enter long positions. The anticipated target would be the previous resistance level marked by the red horizontal line at approximately 80.800.
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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.