WTI Crude Oil on a daily timeframe (D1). Here's a detailed break
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Key Elements in the Chart: Price Movement:
The price is currently at $76.23, showing a bullish move of +2.67%. There is a visible uptrend after bouncing off a support zone. Key Levels (Green Horizontal Lines):
$72.95: A significant support level. $82.00, $84.28, $86.64, $88.92: Potential resistance levels, with $88.92 being the upper target. Descending Trendline:
A long-term descending trendline acts as resistance, and the price appears to be breaking out or retesting this line. Target Zone:
Marked in yellow, indicating a potential short-term target where the price may consolidate or face resistance. Wave Analysis:
Labeled "a," "b," and "c," it represents a corrective or impulsive wave structure, suggesting a move towards higher levels. Gray Box (WCL):
A key area of accumulation or support, possibly a weekly close level (WCL), where significant buying interest occurred. Projection:
The white arrow indicates a potential bullish continuation towards higher resistance levels. A pullback might occur near the green zone before the next leg up. Observations: Bullish Momentum: The breakout above resistance suggests further upward movement, provided the price stays above $75.37–$74.54. Next Resistance: The target is likely $82.00–$84.28 if the breakout is confirmed. Pullback Scenario: If the price fails to hold the breakout level, a retest of the WCL zone or $74.54 is possible. Strategy: For Buyers: Look for confirmation of the breakout above the trendline and target higher resistance levels. For Sellers: Watch for signs of exhaustion near the target zone or resistance areas.
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