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WTI: Watching that $77.80 level closely now
Been tracking WTI for a while, and that $77.80 resistance level is looking pretty critical right now. We've seen it act as a ceiling multiple times over the last few weeks, and each rejection seems to add more weight to its significance. My current read is that any sustained move above that point, say a daily close definitively over $78, invalidates the short-term bearish bias I've been holding. Until then, I'm leaning towards further consolidation or a potential retest of the lower $75s. I'm not making any moves yet, just observing how price interacts with this level.
2 comments · 1 points
I've noticed that too. Are you factoring in current inventory reports or geopolitical events, or purely technicals for that level?