Hi!
WTI crude oil remains stuck inside a very important technical structure, trading between a strong higher-timeframe resistance zone around $118–120 and a major flip area near $77–79. After the impulsive rally from the March lows, the price has entered a compression phase, and the market is now respecting both boundaries of the developing symmetrical triangle.
At this stage, neither buyers nor sellers have full control. Every push toward the upper trendline continues to face selling pressure, while dips toward the ascending support are still being bought aggressively. This is creating a tightening range with lower volatility, which usually signals that a larger move is building in the background.
The internal QML zones are also playing an important role inside the structure. Price keeps reacting cleanly from these levels, showing that liquidity is still being respected within the range. However, despite the reactions, the market has not yet delivered a decisive breakout confirmation in either direction.
As long as oil remains between the triangle boundaries, I expect more rotational and range-bound price action. The market may continue moving from one side of the structure to the other until a clear breakout finally occurs.
A confirmed breakout above the descending resistance trendline could trigger continuation toward the major resistance zone near $118–120 and potentially open the door for further upside expansion.
On the other hand, losing the ascending support together with the flip area would weaken the current bullish structure and could lead to a deeper correction toward lower demand levels.
For now, the triangle remains the dominant structure on the chart, and the next major move will likely come only after one side of the range is decisively broken.
I’m excited to announce that I’m now a Brand Ambassador for AvaTrade!
WTI crude oil remains stuck inside a very important technical structure, trading between a strong higher-timeframe resistance zone around $118–120 and a major flip area near $77–79. After the impulsive rally from the March lows, the price has entered a compression phase, and the market is now respecting both boundaries of the developing symmetrical triangle.
At this stage, neither buyers nor sellers have full control. Every push toward the upper trendline continues to face selling pressure, while dips toward the ascending support are still being bought aggressively. This is creating a tightening range with lower volatility, which usually signals that a larger move is building in the background.
The internal QML zones are also playing an important role inside the structure. Price keeps reacting cleanly from these levels, showing that liquidity is still being respected within the range. However, despite the reactions, the market has not yet delivered a decisive breakout confirmation in either direction.
As long as oil remains between the triangle boundaries, I expect more rotational and range-bound price action. The market may continue moving from one side of the structure to the other until a clear breakout finally occurs.
A confirmed breakout above the descending resistance trendline could trigger continuation toward the major resistance zone near $118–120 and potentially open the door for further upside expansion.
On the other hand, losing the ascending support together with the flip area would weaken the current bullish structure and could lead to a deeper correction toward lower demand levels.
For now, the triangle remains the dominant structure on the chart, and the next major move will likely come only after one side of the range is decisively broken.
I’m excited to announce that I’m now a Brand Ambassador for AvaTrade!
Note
In a shorter time frame, we got a short position and got out of it! Let's see if the current area could cause another rise or not!
Note
you can see shorter time frame analysis here:
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avatrade.com/trading-account?p=Webtrader&tag=220256
-----------------
🟢 Telegram channel: t.me/melikatrader94
🔴 Forex channel: t.me/melikatrader94GoldForex
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
📊 AVATrade Ambassador Join & explore:
avatrade.com/trading-account?p=Webtrader&tag=220256
-----------------
🟢 Telegram channel: t.me/melikatrader94
🔴 Forex channel: t.me/melikatrader94GoldForex
avatrade.com/trading-account?p=Webtrader&tag=220256
-----------------
🟢 Telegram channel: t.me/melikatrader94
🔴 Forex channel: t.me/melikatrader94GoldForex
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.