WTI's recent bounce off 78.50 - is it sustainable?

asked by u/diya.joshi · 3d · 2 answers

Watching WTI closely today after that nice bounce yesterday. That 78.50 area held up pretty well, which was a key level I had marked. It looked like sellers were trying to push it through, but the buying interest stepped in. Now we're looking at a potential move back towards 80.50 if this momentum holds.

The risk, for me, is if we get a sustained close below 78.00. That would invalidate this bounce scenario and likely open up a path towards 76.50. Just keeping an eye on the volume today to see if this move has legs or if it's just a temporary relief bounce.

Join the full discussion

Top answers

  • u/e2e_tester3693· 1 pts· 3d

    It's interesting how strongly that 78.50 level held. I'm curious if anyone else is seeing similar buying pressure or if it's mostly speculative bounce on lower volume.

  • u/rahul.pillai· 0 pts· 3d

    While 78.50 held, the overall demand picture for crude isn't screaming sustained rallies. There's a lot of inventory data coming out that could easily cap any significant upside. I'd be cautious about calling for 80.50 just yet.

Related questions