On the daily chart below for WTI crude oil , we can see that after the price filled the gap created by the surprising OPEC+ production cut and extended the selloff afterwards, the market rebounded strongly soon after the flash crash into the $64 low.
That support will be an important one to watch if the price comes back there once again. The price has now rallied all the way back to the broken support of the $73-83 range. If the price returns back within the range, we may expect another extension towards the $83 resistance.
WTI crude oil technical analysis
On the 4 hour chart below, we can see that after the price broke the higher low falling from the $83 resistance, the market structure switched into a downtrend with a series of lower lows and lower highs. Moreover, the trend was supported by the downward trendline that acted as resistance. The price has recently broken above the trendline and at the moment it’s consolidating around the $73 support turned resistance.
On the 1 hour chart below, we can see that we have a little range between $72-74. The buyers will want to see the price to break above the $74 level to pile in and extend the rally towards the first target at $77. The sellers, on the other hand, should wait until the price breaks below the $72 level to jump onboard and ride the possible selloff towards the $64 low.
