Greetings, traders! Welcome back to another insightful update. In today’s video, we’re focusing our attention on the oil market, examining crucial patterns, support, and resistance levels.

Today’s focus: Oil (WTI)

Pattern – Continuation?
Support – 85.38
Resistance – 87.37

Currently, we’re observing oil (WTI) on the daily chart following a notable surge from the USD that garnered considerable attention yesterday. Despite initial pressure from sellers, oil (WTI) has demonstrated resilience by rejecting a downward push and maintaining a potential continuation setup.

The question on everyone’s mind is whether the price action indicates a continuation pattern. Could a close above yesterday’s high signify a new upward movement, potentially testing resistance at 87.37?

Keep a close eye on any potential downward movement that could test the 85.50 area, as this could suggest a stronger presence of sellers than initially anticipated.

Oil Market Analysis: Continuation Patterns and Key Levels

Good trading.

alert Joe Jeffriess Oil Report Trade Zone