WTI Crude Oil Nears Key Resistance Zone Amid Ongoing Rally

WTI crude oil continues its upward momentum, reaching a new high of $106.84 on Tuesday and approaching the next potential resistance zone between $107.47 and $109.74.

This range is reinforced by several technical indicators, including the 78.6% Fibonacci retracement of the prior decline and the lower swing high of $109.74 from May.

A rising trend channel supports the rally, with the top boundary of the zone serving as a key resistance level.

Despite this potential resistance, analysts believe that WTI crude oil could continue its advance, with a measured move target near $119 if buyers maintain control.