📊 Market Overview:
Price is trading around $62.58, approaching a key horizontal resistance near $63.50, which has acted as a strong supply zone in the past.
The chart shows a bullish setup with a long position already marked, targeting the $70.60 zone, a major previous top.
A clear risk/reward structure is in place, suggesting a well-defined trade plan.
🔍 Key Technical Zones:
🔼 Resistance Zone:
63.50 – Immediate resistance
Price has struggled here before; needs a clean break to validate bullish continuation.
70.60 – Main target zone
This is the previous strong sell-off origin; high probability of rejection if reached again.
🔽 Support Zone:
61.26 – Marked stop loss
Protects the trade in case of a false breakout or quick reversal.
54.38 – Major demand
Long-term support from April lows.
📈 Trade Idea Based on Chart Setup:
✅ Long Setup (Bullish Bias)
Entry: 62.58 (current price)
Stop Loss: 61.26
Take Profit: 70.60
Risk/Reward Ratio: ~1:4+ (very favorable)
Conditions for entry confirmation:
Break and close above 63.50 on strong volume or bullish engulfing
Retest of 63.50 as support could provide a secondary, lower-risk entry
📉 Bearish Scenario (Invalidation):
Failure to break 63.50 cleanly + a bearish rejection pattern could lead to a deeper correction.
Break below 61.26 invalidates this bullish structure.
In that case, next support lies near $58.00 and below.
🧠 Fundamental Angle to Consider:
WTI Crude Oil is highly sensitive to:
OPEC decisions
US inventory reports
Geopolitical tensions or Middle East developments
USD strength/weakness
Make sure to monitor the weekly EIA Crude Oil Inventory report and Fed updates, as these can drastically affect volatility.
📌 Summary:
Current Bias: Bullish (if 63.50 breaks cleanly)
Key Levels:
Support: 61.26 / 58.00
Resistance: 63.50 / 70.60
Strategy: Buy breakout above 63.50 or on successful retest; manage SL at 61.26
Price is trading around $62.58, approaching a key horizontal resistance near $63.50, which has acted as a strong supply zone in the past.
The chart shows a bullish setup with a long position already marked, targeting the $70.60 zone, a major previous top.
A clear risk/reward structure is in place, suggesting a well-defined trade plan.
🔍 Key Technical Zones:
🔼 Resistance Zone:
63.50 – Immediate resistance
Price has struggled here before; needs a clean break to validate bullish continuation.
70.60 – Main target zone
This is the previous strong sell-off origin; high probability of rejection if reached again.
🔽 Support Zone:
61.26 – Marked stop loss
Protects the trade in case of a false breakout or quick reversal.
54.38 – Major demand
Long-term support from April lows.
📈 Trade Idea Based on Chart Setup:
✅ Long Setup (Bullish Bias)
Entry: 62.58 (current price)
Stop Loss: 61.26
Take Profit: 70.60
Risk/Reward Ratio: ~1:4+ (very favorable)
Conditions for entry confirmation:
Break and close above 63.50 on strong volume or bullish engulfing
Retest of 63.50 as support could provide a secondary, lower-risk entry
📉 Bearish Scenario (Invalidation):
Failure to break 63.50 cleanly + a bearish rejection pattern could lead to a deeper correction.
Break below 61.26 invalidates this bullish structure.
In that case, next support lies near $58.00 and below.
🧠 Fundamental Angle to Consider:
WTI Crude Oil is highly sensitive to:
OPEC decisions
US inventory reports
Geopolitical tensions or Middle East developments
USD strength/weakness
Make sure to monitor the weekly EIA Crude Oil Inventory report and Fed updates, as these can drastically affect volatility.
📌 Summary:
Current Bias: Bullish (if 63.50 breaks cleanly)
Key Levels:
Support: 61.26 / 58.00
Resistance: 63.50 / 70.60
Strategy: Buy breakout above 63.50 or on successful retest; manage SL at 61.26
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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.
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.