OIL BUY TARGET SUCCESSFUL READ IN CAPTIONSThe chart shows WTI Crude Oil (CFDs) on a 1-hour timeframe, displaying an upward trend in a well-defined channel. Here are key observations:
1. Resistance: The price is currently testing the upper resistance zone around 67.80, with a series of pullbacks indicating a potential reversal. This resistance level has been tested multiple times, and a rejection here could lead to a further downward movement.
2. Support Level: The support level is clearly marked at 66.50, and the price has bounced multiple times from this zone. It acts as a key level to monitor for price reversals.
3. Order Block: An order block is formed around 67.20, suggesting that there is significant buying activity at this level. If the price breaks below this level, it could indicate further weakness.
4. Target: The target is set at 67.64, just below the current price action. If the price breaks below the order block at 67.20, we could expect a pullback toward this target.
5. Potential Downward Move: The price has formed a lower high around 67.50, which suggests the possibility of a bearish reversal. If the price fails to break the resistance at 67.80 and fails to hold above 67.20, it may move toward the target at 67.64.
