Over the past 7 trading days, WTI crude oil futures (CLc1) have shown a marked shift in trend, affected by heightened geopolitical risk, US crude inventory reports, and OPEC+ headlines. Key support and resistance zones have emerged as the market reacts sharply to new information. Technically, the price is entering a consolidation phase with both bullish and bearish catalysts in play.
The daily chart reveals a classic reversal from recent highs, with price action retreating and forming lower highs and lows throughout the week. The 20-day moving average has flattened and started to slope downward, indicating fading bullish momentum. Bollinger Bands have narrowed after a previous expansion, underscoring indecision and lowered volatility. MACD turned negative with a bearish crossover and growing histogram bars below zero, highlighting a momentum shift to the downside. Multiple bearish candlesticks, including long lower shadows (hammer formations), suggest attempts at support but no sustained reversal. Overall, the daily view shows a market in mild downtrend and awaiting fresh signals.
The hourly chart shows pronounced range trading over the past three days, with clear support and resistance boundaries. Several hammer and doji candle patterns appear at range extremes, signaling ongoing tug-of-war between bulls and bears. Short-term moving averages (5MA, 10MA) are intertwined, reflecting trend uncertainty. MACD triggered a brief bullish cross before quickly reversing, indicative of false breakouts. Bollinger Bands remain compressed, hinting that a volatility expansion may be imminent. The bias remains toward sideways action pending a decisive move.
Technically, converging moving averages and weakening momentum suggest a cautious environment where price is vulnerable to sharp reactions on news. MACD signals are bearish on both daily and hourly timeframes. Reduced trading volumes reflect risk aversion, and market participants are likely focusing on trading within established ranges, awaiting a clear breakout or breakdown.
WTI crude oil futures are currently in a sideways-to-bearish phase, with momentum favoring the bears but no clear dominant trend. Range trading is advised until a breakout occurs.
Resistane(1): 84.30Resistane(2): 86.00Resistane(3): 87.50Support(1): 81.90Support(2): 80.30Support(3): 78.50
