💫💥 Wti crude oil continues to recover on the 4H chart after forming a strong base near the recent lows.

The market has shifted from a prolonged bearish trend into a short-term bullish recovery, supported by a sequence of higher highs and higher lows. Buyers remain in control for now, but price is approaching an important resistance area where profit-taking may emerge.

Whether oil can sustain this recovery will largely depend on how price reacts around the current resistance zone.

Key Resistance Zone

First resistance: 88.20-89.00 This is the nearest resistance area and the current decision zone. A confirmed breakout above this region would signal continued bullish momentum.

Second resistance: 90.50-92.00 This represents the next major upside objective if buyers successfully clear the current resistance.

Major resistance: 94.00-96.00

A sustained move into this area would confirm a much stronger medium-term recovery.

Key Support Zone

First support: 86.20-87.00

This is the first support buyers need to defend to maintain the current bullish structure.

Second support: 83.80-85.00

This area previously acted as a breakout base and could attract renewed buying interest during a pullback.

Major support: 80.00-81.50 A break below this zone would weaken the recovery structure and shift momentum back toward sellers.

Market Sentiment

Market sentiment has turned cautiously bullish.

The recent series of higher highs and higher lows suggests buyers currently have the upper hand. However, after a strong advance, the market is approaching an important resistance zone where volatility and profit-taking could increase.

A breakout above 89.00 would strengthen bullish sentiment.

A move below 86.20 would suggest that a deeper correction is developing.

Please share your view below:
Will USOIL break above 89.00 and continue its recovery toward 92.00? Or will sellers defend resistance and trigger another pullback?
#SummerCreationCamp