WTI recently bounced from a key demand zone around 64–66, where price action showed strong bullish rejection following a sharp sell-off. This zone had previously acted as resistance and now flipped into support – a classic break-and-retest structure.
The bullish engulfing candle and follow-through confirm buyers are stepping in. The current structure suggests a shift in momentum after forming a higher low. As long as price remains above the 64–66 zone, upside targets come into focus.
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The bullish engulfing candle and follow-through confirm buyers are stepping in. The current structure suggests a shift in momentum after forming a higher low. As long as price remains above the 64–66 zone, upside targets come into focus.
🚀 Hit like if you find this analysis helpful, and don't hesitate to comment with your opinions, charts or any questions, I will respond :)
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.