With $WTI now at 74.27, where are the significant technical support and resistance levels people are watching on the daily/weekly charts? Looking for some confirmation on key inflection points.
Are we factoring in the current geopolitical landscape enough? Technicals are great, but supply disruptions or news could easily invalidate those levels quickly.
I'm seeing strong resistance around 76.50-77 on the weekly, that's where the last rally fizzled. Support looks to be holding at 72 for now.
Isn't 74.00-74.50 actually a pivot point we've been bouncing around for a while? I'd watch a clear break above or below that range before getting too excited.
For long-term, I'm keeping an eye on the 200-day moving average, which is currently sitting just above 78. That'll be a tough one to crack sustainably.
I'm not so sure about 72 holding if momentum shifts. My charts suggest 69-70 could be tested if we see a deeper pullback. Supply is still high.
Totally agree on 77 as a key hurdle. If we break that, 80 isn't out of the question. On the downside, 70 feels like solid support, psychologically as well.