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WTI oil price action stays bullish while key level holds
Technical analysis points to a bullish outlook as long as support near $74.21 is maintained, with resistance above $93.50 needed to avoid a potential double correction.
Action Forex’s short term Elliott Wave read on Oil, referencing WTI (Cl), says the cycle that began at the July 2, 2026 low remains impulsive and therefore favors additional upside.
The analysis marks the initial five wave rally from the July 2, 2026 low as ending at wave (A) at $93.50. It then outlines a corrective pullback in wave (B) that is proposed to have completed at $74.21, following an internal zigzag structure on the one hour chart.
After wave (B) completed at $74.21, the outlook says oil resumed higher in wave (C). It also stresses that a decisive break above the prior wave (A) peak at $93.50 is required to remove the risk of a double correction, while near term dips are expected to find support as long as the $74.21 pivot stays intact.
The piece adds that, from wave (B), wave ((i)) ended at $76.70 and the pullback in wave ((ii)) concluded at $74.75, before wave ((iii)) advanced to $84.61 and a corrective wave (iv) pulled back to $81.27. The forecast concludes that dips should play out in either three or seven swings, pointing to further upside continuation once key resistance levels are surpassed.
Latest closeWTI crude $82.68 ▼0.6%