WTI Crude Oil Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
WTI Crude Oil is trading around 65.705, currently testing the median line of an ascending channel that has been forming since late January. The medium-term trend remains bullish with higher highs and higher lows, though the price has pulled back slightly after failing to sustain momentum above 67.00.



The 50-period SMA at 64.72 is providing immediate support, while the 100-period SMA at 64.21 offers a secondary support zone. The RSI is at 55.01, signaling a neutral-to-bullish outlook after cooling from overbought levels around February 20.

Immediate resistance is at 66.20, with a major target at 69.00. Support lies near 64.03, where the channel bottom and previous lows converge, and major support is at 60.15, which would invalidate the uptrend if broken. Fundamentally, the market is cautious ahead of US-Iran talks in Geneva. If tensions rise or talks stall, oil could push past 66.20 toward 69.00. If de-escalation occurs, a pullback toward 64.00 is likely.

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