Saad Ullah
⬤ WTI crude oil moved higher overnight, gaining almost 2% and trading above the recent resistance level at $65.39. The market is now attempting to hold above this level during the current session.
⬤ The chart shows oil trading inside an ascending channel after rebounding from the mid-$50 region earlier in the move. Price recently reached approximately $66.48 while hovering above $65.39. The next highlighted resistance sits at the upper trendline between $68 and $69. A comparable technical environment was discussed in oil market faces record supply surge where the $65-$68 area acted as a decisive zone for direction.
⬤ The outlook also mentions a potential geopolitical catalyst involving Iran that could cause a price spike if tensions escalate. Even without such a development, the reaction near the upper trendline will be critical. Similar volatility dynamics were outlined in crude oil slumps to 5-month low amid pressure where sharp moves followed technical reactions at key levels.
⬤ The behavior of WTI around $65.39 now becomes the immediate signal for what's next. Holding above keeps focus on the $68-$69 zone, while a move back below would indicate a failed breakout and return to the prior trading range. Traders are watching for confirmation as crude tests this resistance after weeks of consolidation in the lower channel.
Saad Ullah
