WTI Oil Price Action
Price action on the daily timeframe concluded the week confined by support from $81.69 and resistance from $85.20.
Nestled close by current support are the 200-day and 50-day simple moving averages at $79.82 and $80.87. Aside from the moving averages, limited support exists beneath current support until $77.55, a level joined closely by an ascending channel support line, extended from the low of $67.74. If we step below here, monthly support awaits at $75.39, a level complemented by a moderate Fibonacci cluster.
Aiding current resistance is also channel resistance, taken from the high of $76.14, while north of here shines the technical light on another layer of resistance at $88.32.
Technical Direction This Week: Bulls to Buy the Dip?
The combination of the 200-day and 50-day simple moving averages at $79.82 and $80.87 and support from $81.69 could be a location dip buyers make a show from this week. This is bolstered by the current uptrend, which has been in play since late 2024, and the recent channel resistance breach demonstrating bullish strength. Similarly, another technically interesting area of support resides at $77.55, combined with channel support.
