The price sentiment for WTI Crude Oil remains bearish, in line with the prevailing downtrend. Recent price action shows an oversold rally, which has stalled near a previous consolidation zone around 6200 — a key resistance level.
Key Resistance Level: 6200
This level marks a previous intraday consolidation area and could act as a ceiling for the current rally.
Bearish Scenario:
If WTI fails to break above 6200, it may resume its decline toward:
5860 (near-term support)
5713
5550 (longer-term support)
Bullish Scenario:
A confirmed breakout and daily close above 6200 would shift momentum and open upside targets at:
6375
6533
6700
Conclusion:
WTI Crude Oil remains under bearish pressure unless it breaks and closes above 6200. Traders should monitor this level closely for signs of rejection or breakout.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Resistance Level: 6200
This level marks a previous intraday consolidation area and could act as a ceiling for the current rally.
Bearish Scenario:
If WTI fails to break above 6200, it may resume its decline toward:
5860 (near-term support)
5713
5550 (longer-term support)
Bullish Scenario:
A confirmed breakout and daily close above 6200 would shift momentum and open upside targets at:
6375
6533
6700
Conclusion:
WTI Crude Oil remains under bearish pressure unless it breaks and closes above 6200. Traders should monitor this level closely for signs of rejection or breakout.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.
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.