The price action in the daily chart shows a neutral longer-term bias. The key levels to focus on are the moving averages and support/resistance zones. The price has recently broken out above the 200-day moving average (green line) at 68.97, a positive signal that indicates some upward momentum. The 50-day moving average (pink line) at 64.17 provides strong support, with the price hovering just above it. Resistance is located around 75.31, with an additional level at 79.43, just below the recent price high. The Stochastic Momentum Indicator (SMI) is currently in oversold territory, with the stochastic lines showing signs of a bullish crossover, which suggests potential for upside movement. However, momentum appears to be waning, with the SMI reading at -8.97% pointing towards a potential reversal. Traders should watch for a potential rally toward the resistance levels, particularly the 75.31 and 79.43 levels. A stop-loss could be placed below 63.69 to manage downside risk.

The daily chart presents a neutral bias, showing a consolidation phase in the market. Price action remains within an established range between resistance at 79.4310 and support at 64.1032. The price recently rebounded after testing the lower part of this range, providing an indication of buying interest around these levels. The 50-day SMA (pink line) at 64.1032 and the 200-day SMA (green line) at 68.9550 are acting as support and resistance, respectively, and should be watched closely for any breakouts. . The Stochastic Momentum Indicator is at 12.06%, showing oversold conditions, which suggests that a potential reversal or continuation could be possible. However, as the price is nearing the resistance zone around 79.4310, caution is recommended. A breakout above this level could lead to a retest of the next resistance at 64.1032, but if the price fails to break higher, a pullback towards support at 64.1032 is possible. Traders may consider placing a stop loss just below 64.1032 to protect against downside risks.

WTI crude oil has pulled back sharply after testing the upper boundary of a long-term descending channel marked in orange, failing near the key resistance at USD 79.43 and quickly reversing toward the mid-range. Despite recently breaking above the 200-day SMA (green) at USD 69.00 and the 50-day SMA (pink) at USD 64.00, the current red candle suggests a potential bull trap as the price dropped back through both moving averages. This breakdown under the 14-day SMA (blue) at USD 70.09 and failure to hold above the 200-SMA raises red flags for trend continuation. However, the longer-term descending channel remains intact and the recent rally could still represent a structural retest of that resistance. The Stochastic Momentum Index, while still in positive territory at 34.35%, has shown strong negative divergence from price — forming lower highs while price made higher highs — which warns of deteriorating momentum. Until the price reclaims USD 72.00 with confirmation, the bias shifts to neutral. Key resistance sits at USD 75.30 then USD 79.43, with support at USD 66.69 followed by USD 64.00. A sustained move below USD 66.69 opens the door to a broader downside move, and a stop loss should be considered above USD 72.50 for short positions.

The daily chart for WTI exhibits a bullish longer-term bias as the price decisively breaks above both the 50-day (pink) and 200-day (green) simple moving averages—currently sitting around 64.09 and 69.07 respectively—confirming a shift in trend structure from consolidation to upward momentum. Price has surged past the horizontal resistance level of 75.62 (now acting as first support), approaching the next resistance zone at 79.43. The breakout from the falling wedge (drawn in orange) reinforces the trend reversal scenario, with the measured move pointing toward 82.34. The 14-day SMA (light blue) is steeply rising and well below the price, supporting the bullish trend. The Stochastic Momentum Index (SMI) is extended into overbought territory near 68%, but price continues to make higher highs and higher lows, with no negative divergence present—validating sustained bullish momentum. A retracement to 75.62 may offer a higher low setup before the next leg higher. A stop loss should be placed below 72.88 to guard against a failed breakout, while bulls can target 79.43 short-term and 82.34 medium-term if momentum persists.

The daily chart shows a neutral longer-term outlook, with price action moving within a well-defined range. The price is currently above the 200-day moving average (green line), suggesting some upward momentum, though the trend isn’t strongly bullish at the moment. Immediate resistance lies around 75.44, with the next significant level near 75.90. The 50-day (pink) and 14-day (blue) moving averages are supporting the price, but there’s some congestion at these levels, which could be holding the market back from pushing higher. The Stochastic Momentum Index (SMI) is currently in the overbought territory at 65.53%, signaling that the current bullish momentum may be running out of steam. A consolidation or pullback could be in the cards, particularly if the price fails to breach resistance. Support levels are found at 72.08, 69.02, and 68.69, which will likely act as critical zones if the market retreats. The SMI’s overbought status suggests a possible pullback or sideways action, and traders should consider a stop loss below 68.69 to manage downside risk.