WTI CRUDE OIL — Weekly Outlook | 30M Structure 🗓️
Crude Oil has seen a sharp sell-off driven by easing geopolitical tensions, with price now consolidating near a key intraday support zone. The 30M structure is setting up a multi-step path — bounces followed by continued downside pressure.
📌 Key Levels:
🔺 Bounce Targets — 82.035 → 83.150
🔻 Downside Targets — 78.220 → 76.570
📐 Structure: After a significant drop, price is compressing near the 80.350 zone. A short-term relief bounce toward 82.035 is expected, followed by rejection and a push higher to 83.150. From that level sellers are anticipated to step in hard, driving price through support toward 78.220 and ultimately 76.570 — a key horizontal support level. The overall bias remains bearish on intraday timeframes as long as price holds below the daily and weekly resistance zones above.
⚠️ Macro This Week: A US-Iran peace deal appears imminent — Iranian Deputy Foreign Minister confirmed a deal has been reached, with a signing ceremony expected in Switzerland. This is the primary driver behind Oil’s sharp decline, as a reopening of the Strait of Hormuz would restore roughly one-fifth of global oil shipments. Additionally, the Fed interest rate decision and IEA monthly report this week will add further volatility. Oil has already fallen 6% last week but remains over 20% higher since the conflict began.
📖 Educational analysis only. Not financial advice.
Crude Oil has seen a sharp sell-off driven by easing geopolitical tensions, with price now consolidating near a key intraday support zone. The 30M structure is setting up a multi-step path — bounces followed by continued downside pressure.
📌 Key Levels:
🔺 Bounce Targets — 82.035 → 83.150
🔻 Downside Targets — 78.220 → 76.570
📐 Structure: After a significant drop, price is compressing near the 80.350 zone. A short-term relief bounce toward 82.035 is expected, followed by rejection and a push higher to 83.150. From that level sellers are anticipated to step in hard, driving price through support toward 78.220 and ultimately 76.570 — a key horizontal support level. The overall bias remains bearish on intraday timeframes as long as price holds below the daily and weekly resistance zones above.
⚠️ Macro This Week: A US-Iran peace deal appears imminent — Iranian Deputy Foreign Minister confirmed a deal has been reached, with a signing ceremony expected in Switzerland. This is the primary driver behind Oil’s sharp decline, as a reopening of the Strait of Hormuz would restore roughly one-fifth of global oil shipments. Additionally, the Fed interest rate decision and IEA monthly report this week will add further volatility. Oil has already fallen 6% last week but remains over 20% higher since the conflict began.
📖 Educational analysis only. Not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.