WTI Crude Oil at Make-or-Break Zone, Bears Ready to Strike? – ActionForex
Key Highlights
- WTI Crude Oil failed to surpass $105 and trimmed most gains.
- A key bearish trend line is forming with resistance at $96.40 on the 4-hour chart of XTI/USD.
- Gold is facing a major hurdle near $4,950.
- EUR/USD seems to be consolidating gains above the 1.1740 support.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices faced resistance near $105 against the US Dollar. The price started a fresh decline below $100 and $95.
Looking at the 4-hour chart of XTI/USD, the price settled below $95, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, the bulls are active near the key support at $88.
On the upside, immediate resistance is near the $95.00 level. The first key hurdle for the bulls could be $96.00. There is also a key bearish trend line forming with resistance at $96.40.
A close above $96.40 might send Oil prices toward $100. Any more gains might call for a test of $105 in the near term. On the downside, the first major support sits near the $88 zone. The next support could be $85.50, below which the price could dive and test $83.20.
A daily close below $83.20 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $80.00.
Looking at Gold, there was a decent increase, but the bulls need to push the price above $4,950 for upside continuation.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 215K, versus 219K previous.
- US Industrial Production for March 2026 (MoM) – Forecast 0.1%, versus 0.2% previous.
