WTI Crude Oil – Buyers still lurking beneath the surface
|After the slide from $119, WTI filled the gap and reached the 78.6% short‑term Fib level. Since then, the market has remained bid, and although the velocity of the move has eased, the charts still suggest an underlying appetite from buyers.
They appear to be waiting at strategic levels, ready to hoover up any weakness.
For today, support sits around $88.00, which has held as the low so far. This level aligns with the monthly Fib I highlighted last week. Also note the 9‑day M/A, which has supported the downside on three separate days this week.
On the upside, resistance is located at $98.00–$98.30.
If buyers can break this zone, the next natural target is $100.00, followed by $106.00.
This is not the moment to assume WTI is about to crash lower. Technically, the market has made a significant break from a long‑term continuation pattern, and the upside potential remains substantial.
Of course, geopolitical developments — particularly the Iran conflict — will continue to influence price action. But from a technical perspective, there remain opportunities to trade the market while managing risk carefully.
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