Timeframe: 4H
Current Price: $58.00
Bias: Neutral-to-Bullish (Range-bound structure)
WTI Crude Oil has been consolidating within a clear horizontal range between $53 (Support) and $64 (Resistance), following a sharp decline. Price action suggests the market is currently respecting this zone, forming a sideways trend with identifiable upper and lower bounds.
Key Levels to Watch:
Support: $53.00
Resistance Levels:
1st Target: $61.50
Final Target: $64.00
Market Outlook:
The price is currently testing the lower-mid zone of the range, indicating two potential paths forward:
1. Bullish Scenario:
If price sustains above current levels and breaks through the minor resistances, we could see a move toward the first target at $61.50, with the final bullish target at $64.00 — marking a retest of the range top.
2. Bearish Scenario:
If price fails to hold and breaks below the mid-range, a drop toward major support at $53.00 is possible. This level is critical and may act as a bounce zone or trigger a deeper bearish continuation if breached.
Conclusion:
WTI is currently in a sideways market, and traders should watch for a clear breakout or breakdown before committing to directional bias. Patience and discipline are key in range-bound environments. Look for confirmations before entering trades near the edges of the range.
Current Price: $58.00
Bias: Neutral-to-Bullish (Range-bound structure)
WTI Crude Oil has been consolidating within a clear horizontal range between $53 (Support) and $64 (Resistance), following a sharp decline. Price action suggests the market is currently respecting this zone, forming a sideways trend with identifiable upper and lower bounds.
Key Levels to Watch:
Support: $53.00
Resistance Levels:
1st Target: $61.50
Final Target: $64.00
Market Outlook:
The price is currently testing the lower-mid zone of the range, indicating two potential paths forward:
1. Bullish Scenario:
If price sustains above current levels and breaks through the minor resistances, we could see a move toward the first target at $61.50, with the final bullish target at $64.00 — marking a retest of the range top.
2. Bearish Scenario:
If price fails to hold and breaks below the mid-range, a drop toward major support at $53.00 is possible. This level is critical and may act as a bounce zone or trigger a deeper bearish continuation if breached.
Conclusion:
WTI is currently in a sideways market, and traders should watch for a clear breakout or breakdown before committing to directional bias. Patience and discipline are key in range-bound environments. Look for confirmations before entering trades near the edges of the range.
Trade active
USOIL UpdateTarget smashed! +500 pips locked in 🛢💥🎯
Clean setup, clean execution.
On to the next move!
Trade closed: target reached
600pips profit done close 
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Related publications
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.