WTI Crude Oil Price Hinges on Major Resistance Zone
The price of WTI Crude Oil has been on an upward trend since its initial accumulation near the lower levels. The first indication of a bullish development was seen as small candles showed hesitation, followed by stronger bullish candles that demonstrated increasing buying pressure.
As the price broke above the previous swing high, the structure became bullish, confirming that buyers had enough momentum to overcome the previous resistance. This breakout was further confirmed by consecutive bullish candles that pushed the price higher and showed strong momentum with limited selling pressure.
The price reached an upper area around 91.19-93.50, where buying momentum began to slow down, leading to smaller candles and upper wicks indicating hesitation. This area is treated as a major resistance and supply zone.