🛢️ WTI CRUDE OIL ANALYSIS
WTI Crude Oil extended its rally as escalating U.S.–Iran tensions increased fears of potential supply disruptions in the Middle East. Markets remain focused on the Strait of Hormuz, a critical global oil shipping route, where any escalation could significantly impact crude supplies. The geopolitical risk premium continues to support oil prices despite concerns over higher global production.
📊 Technical Analysis
✅ Daily Trend: Strong Bullish Candle
✅ Price: Trading Above the 20-SMA (Daily)
✅ 4H Chart: Cup & Handle Pattern (Bullish)
✅ 1H Chart: Bullish Continuation Structure
⚠️ Weekly Trend: Bearish (Long-term pressure remains)
📌 Key Levels
🟢 Major Support:
82.30
78.45
75.50
🔴 Major Resistance:
83.80
85.70
87.80
🎯 Outlook
WTI remains bullish in the short term as long as it holds above 82.30. A sustained breakout above 83.80 could open the door for 85.70 and 87.80. However, traders should stay alert to geopolitical headlines, as any easing of tensions could trigger sharp profit-taking. The broader weekly trend is still bearish, so caution is advised near resistance levels.
farah khan
