This is a more detailed 1-hour chart of WTI Crude Oil Futures
Current price appears to be trading around $66.40-$66.60, having recently bounced from a low point near $65.36 (marked with an orange line). The chart reveals several important technical elements:
1. The price is currently in a consolidation phase after a significant downtrend
2. There's a clear dotted red resistance line around $66.40-$66.60 that the price is currently testing
3. Multiple descending trendlines (red) show continued overall bearish pressure
4. Support at $65.36 was tested and held, creating a potential short-term bottom
For this evening's price movement, the most likely scenarios are:
1. Primary scenario: Rejection at the current resistance level around $66.40-$66.60 (dotted red line) with a retest of the $65.36 support level. The volume profile and overhead resistance suggest this is the path of least resistance.
2. Secondary scenario: If buyers can sustain momentum, a push toward the $66.80-$67.00 level is possible, which represents the next significant resistance zone.
The presence of multiple bearish trendlines and the recent downtrend suggests that upside moves may be limited, making the primary scenario of a move back toward $65.36 more probable for this evening's session.
The increased volume during the recent sell-off (visible in the volume bars at the bottom) further supports a bearish bias, though the bounce from $65.36 suggests some buying interest at that level.
Trade active
setup appears to be a short-term long position from the current price level with the following: Price has broken above the descending red trendline that had been capping the marketVolume is showing increased buying interest (visible in recent green volume bars)
The price is starting to trade above shorter-term moving averages (the thin red/orange lines)
There's a clear zone of support that has formed around $67.00
The key risk to monitor is the $67.93 level (solid black line), which appears to be immediate resistance. A decisive break above this would significantly improve the probability of reaching the higher targets.
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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.