Welcome to Extreme Investor Network, where we provide you with expert insights and analysis on the Stock Market, trading trends, and everything Wall Street related. Today, we take a closer look at the WTI Oil Price Action and the potential technical direction for the week ahead.
The price action on the daily timeframe has been oscillating between key support at $81.69 and resistance at $85.20. Currently, the 200-day and 50-day simple moving averages sit at $79.82 and $80.87, offering additional support close to the current price level. Below $81.69, the next significant support lies at $77.55, accompanied by an ascending channel support line originating from the low of $67.74. Further downside could see a test of monthly support at $75.39, reinforced by a Fibonacci cluster.
On the resistance side, channel resistance from the high of $76.14 adds to the current price barrier, with a potential ceiling at $88.32 beyond that level. The technical landscape suggests a tug of war between buyers and sellers in the coming sessions.
As we look ahead to the technical direction for this week, there is a possibility of bulls stepping in to buy the dip around the $81.69 support zone, considering the confluence of the moving averages and the recent uptrend since late 2024. The breach of channel resistance also indicates underlying bullish momentum, making $77.55 another critical support level to watch.
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