This is an update to my previous post outlining the key breakout levels for OIL:
Following that breakout, OIL has already recorded its highest weekly gain in its chart history! From the levels outlined in that post, price rallied exactly to the 0.618 target at $92 (Main Target).
If tensions de-escalate and conditions return to normal, $92 could mark the top for this move. However, tensions continue to rise and oil production is being cut across multiple countries, meaning price is likely to continue higher unless some form of resolution emerges early in the week.
With that in mind, let's take a detailed look at where OIL could rally to next based purely on price action.
If $92 is breached, the next level to watch is $100–$102. This is both a major psychological level and the 0.618 Fibonacci retracement of the macro trend spanning March 2022 to December 2025.
The next significant level above that is $114–$115, which corresponds to the May 2022 monthly close, a historically important price point.
This is the highest level I personally see OIL reaching before some form of deal or agreement is forced upon the market. This range aligns with the wick highs from July 2008 and March 2022, making it an extremely significant long-term resistance zone. In addition to the 1.618 extension target of the most recent mid-term swing (Sep 2023 - Dec 2025).
Wanted to get these targets out so that as this week and the following weeks unfold, we have clear levels of confluence to watch for where OIL could top out before conditions should begin to stabilize.
Following that breakout, OIL has already recorded its highest weekly gain in its chart history! From the levels outlined in that post, price rallied exactly to the 0.618 target at $92 (Main Target).
If tensions de-escalate and conditions return to normal, $92 could mark the top for this move. However, tensions continue to rise and oil production is being cut across multiple countries, meaning price is likely to continue higher unless some form of resolution emerges early in the week.
With that in mind, let's take a detailed look at where OIL could rally to next based purely on price action.
If $92 is breached, the next level to watch is $100–$102. This is both a major psychological level and the 0.618 Fibonacci retracement of the macro trend spanning March 2022 to December 2025.
The next significant level above that is $114–$115, which corresponds to the May 2022 monthly close, a historically important price point.
This is the highest level I personally see OIL reaching before some form of deal or agreement is forced upon the market. This range aligns with the wick highs from July 2008 and March 2022, making it an extremely significant long-term resistance zone. In addition to the 1.618 extension target of the most recent mid-term swing (Sep 2023 - Dec 2025).
Wanted to get these targets out so that as this week and the following weeks unfold, we have clear levels of confluence to watch for where OIL could top out before conditions should begin to stabilize.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.