Crude Oil WTI Hits Resistance at All-Time High
Crude Oil WTI's recent surge has stalled near its all-time high of $104.46, raising concerns about potential reversal risks. The price is currently at $102.99, with momentum signals flashing a warning sign. A parabolic uptrend in the 5-hour chart indicates a possible turnaround.
The SuperTrend remains bullish, providing support at $97.88, but indicators such as MACD and RSI are fading, signaling a loss of upward force. The Relative Strength Index (RSI) is at 69.49, indicating overbought territory and risk of exhaustion.
Traders are now focusing on key zones: strong support at $97.88-$98.50, ceiling for sellers at $103.50-$104.46, and a chop zone where signals are mixed. A decisive close above $104.46 aims for fresh highs, while a sustained drop under $97.88 puts deep retracements in play.
Volatility remains elevated, with the Average True Range (ATR) at 1.85 or 1.8%. The takeaway is clear: risk is no longer optional, and traders must tighten their risk controls to protect capital.