U.S. crude oil costs simply popped up a pink candlestick round a key inflection level!

Are we taking a look at Black Crack probably extending its long-term downtrend?

The 4-hour chart could give us extra clues:

WTI Crude Oil (USOIL) 4-hour Chart by TradingView

In case you missed it, elevated geopolitical tensions within the Center East, optimism over decrease U.S. rates of interest, and tighter international provide have helped prop up U.S. crude oil costs in the previous couple of days.

WTI crude (USOIL), which hit backside close to $65.25 final week, is now buying and selling nearer to the $70.00 mark.

Do not forget that directional biases and volatility situations in market value are usually pushed by fundamentals. If you happen to haven’t but performed your homework on crude oil and market sentiment, then it’s time to take a look at the financial calendar and keep up to date on each day elementary information!

However that was yesterday. USOIL seems prefer it hit a ceiling close to $70.50, which traces up with a mid-channel resistance within the 4-hour timeframe.

The potential resistance space is extra fascinating as a result of it’s not too removed from the 38.2% – 50% Fib retracement space and the R1 ($71.23) Pivot Level line on the chart.

Is USOIL prepared to increase its downtrend?

We’re preserving shut tabs on the present pink candlestick to see if the bearish momentum is sustained under the $70.00 deal with. A transfer to the $66.25 earlier lows could also be within the playing cards if USOIL continues to see bearish strain.

An prolonged upswing isn’t out of the desk both.

Look out for bullish candlesticks and constant buying and selling above $72.00 and the 100 and 200 SMAs. Inexperienced candlesticks above the potential resistance zone may set USOIL up for an upside breakout and a retest of the $76.00 and $78.00 earlier areas of curiosity.