U.S. crude oil prices almost hit the $75.00 level but dropped back down to its current $72.00 price area.
What’s up with that?!
We’re checkin’ out WTI crude oil’s 4-hour chart to see if the bulls can expect some gains in the next few days:
WTI Crude Oil (USOIL) 4-hour Chart by TradingView
Crude oil took a hit yesterday as tariff worries eased after the U.S., Canada, and Mexico decided to pump the brakes on their tariff plans—for now, at least.
Adding to the pressure, OPEC+ and its crew are sticking with their plans to ramp up production starting in April. That’s not exactly helping “Black Crack” prices.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on crude oil and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
WTI crude, which had been chillin’ just under $75.00, dropped hard and is now hovering around the $72.00 psychological level.
That said, the selloff has lost some steam, with WTI now holding just above the S1 Pivot Point at $72.11, a key level from late 2024.
Could this be a buying opportunity?
Watch for bullish candlesticks and buying pressure above $72.00, as it might attract WTI bulls aiming for the Pivot Point around $73.61—or even a run back to the $75.00 resistance zone.
But if we see more bearish candles or consistent trading below $72.00, the bears could take control and drag WTI down to the $70 psychological level.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!
