WTI Crude capped at 6100 ahead of weekly inventoriesThe WTI Crude continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests a corrective pullback, potentially setting up for another move lower if resistance holds.
Key Level: 6100
This zone, previously a consolidation area, now acts as a significant resistance level.
Bearish Scenario (rejection at 6100):
A failed test and rejection at 6100 would likely resume the bearish momentum.
Downside targets include:
5835 – Initial support
5768 – Intermediate support
5667 – Longer-term support level
Bullish Scenario (breakout above 6100):
A confirmed breakout and daily close above 6100 would invalidate the bearish setup.
In that case, potential upside resistance levels are:
6150 – First resistance
6220 – Further upside target
Conclusion
WTI Crude remains under bearish pressure, with the 6100 level acting as a key inflection point. As long as price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.
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