WTI pushing 79 - thoughts on sustained break or rejection?
asked by u/aziz_sami · 7h · 1 answers
Been watching WTI pretty closely over the last few sessions, and it's interesting to see it pushing up against that $79 area. To me, that $79-$80 zone feels like a pretty critical resistance band. We've seen bounces off it before, and if it fails to hold as support, that could signal a return to the mid-70s.
My initial read is that a sustained break above $80, say on a daily close, would really open the door for a move higher, potentially towards $82-$83. But if we see a clear rejection here, maybe a strong wick back down or a close below $78 today, I'd lean towards thinking this was more of a retest of the broken support than a genuine breakout attempt. Just my two cents, curious to hear what others are seeing.