WTI Crude Oil at Crucial Juncture as Key Levels Come into Play
The price of WTI crude oil is testing key levels that will determine its next direction. A breakout above $84.84, followed by a sustained close above this level, would indicate a shift in momentum towards buyers. This could lead to further gains and potentially open the path toward $89.24, with the previous high at $94.00 becoming a target.
However, failure to break through resistance may keep prices within a corrective range. The current rally is not considered free of correction risks, particularly following the strong recent move.
The key support level visible on the chart is at $73.63, which would require a clear break through nearby support zones first. As long as WTI continues to trade above the $81 level, the outlook remains cautiously bullish with $84.84 serving as the key level for confirming the next upside move.