WTI Crude Oil Technical Analysis – H1
An unclosed gap remains at the top (the $83 per barrel area), which preserves the probability of a medium-term move into that zone. To activate this scenario, bulls will need to overcome resistance at $76.00. At present we are observing a rather extreme narrowing of the trading range, which may signal approaching volatility. If the $73.50 support is lost, prices may fall further, potentially as low as $70.
Key Levels:
□ $83.00 (unclosed gap / medium-term target)
□ $76.00 (resistance)
□ $73.50 (support)
□ $70.00 (key downside target)
Primary Scenario:
Flat within the $73.50–76.00 range.
Alternative Scenario:
Breakout of the $73.00–76.00 range in either direction.
Analyst Commentary:
Despite the technical nature of this review, it is necessary to monitor developments regarding the status of the situation around the Strait of Hormuz.