WTI Crude Oil Holds Near Trend Highs, Exhaustion Risk Rises

WTI crude oil has been consolidating near its trend high of $106.84 for around five days, shy of the potential resistance zone between $107.47 and $109.74.

On Thursday, WTI weakened to a four-day low of $99.22 before buyers took back control intraday, leading to a bounce that resulted in a successful test of the previous resistance level near $99.29.

The ability to recover after briefly trading below this level shows that short-term strength is being retained.

However, the current advance from the recent swing low of $80.34 has reached approximately 33%, suggesting that WTI may begin to show more concrete signs of short-term exhaustion if Thursday's low fails as support.