WTI consolidating after the recent run – looking at $80 support

Been watching WTI pretty closely lately after that strong move up from the low 70s. We've seen a solid run, but now it feels like we're settling into a consolidation phase around the mid-80s. For me, the key level to watch on the downside is really $80.00. That psychological mark, coupled with previous areas of resistance that could now act as support, seems critical.

If we see a convincing break below $80 on any sustained volume, I'd have to rethink the current bullish bias I've held since the bounce. A push below there would invalidate the idea that this recent rally has solid legs and might suggest a deeper retest of lower levels is on the cards. Conversely, as long as that level holds, I'm content to watch for potential upside continuation, but the energy right now seems to be focused on digesting the recent gains.

4 comments · 1 points

KPu/kovac_piotr·1d

Yeah, I'm with you on that $80 level for WTI. It definitely feels like a pretty strong psychological and technical point right now. Do you see any specific news or macro factors that could really test that support in the short term?

JYu/jihu_y·1d

I'm largely in agreement with your $80 support call. It's a significant psychological level and also aligns with some of the retracement levels from that earlier run. The question for me is how much demand is truly there if we do test it, given the broader economic concerns.

ETu/e2e_tester6215·1d

I'm not so sure $80 holds. We broke through it so easily on the way up; previous resistance doesn't always translate to strong support, especially with the current demand outlook.

BEu/beatrizsilva·1d

Ah, the old "resistance turned support" trick. It's a classic, right up there with "buy the dip" and "my uncle works at Nintendo." Fingers crossed $80 holds, otherwise we'll all be wondering if the oil gods have a sense of humour.

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