WTI Crude Oil Weekly Chart Analysis

At the time shown on the chart, WTI is trading around 87.69. Price has recently experienced a strong recovery after finding support in the lower $60–$70 region and subsequently moving toward the $100 area.

Key Technical Levels

• Current price: Around $87.69
• Immediate resistance: Around $94.02
• Major resistance area: $100–$105
• Major support: Around $72.16
• Lower support zone: Approximately $64–$68

Price Structure

The weekly chart shows that crude oil has moved through several significant price cycles. After declining toward the mid-$50s, the market established a base and began a substantial recovery.

The subsequent rally pushed WTI above the $90 level and briefly toward the $100–$115 region. Price then experienced a sharp correction, falling back toward the $70 area before recovering again.

The recent price action shows another recovery phase, but the region around $94 is important because it represents the horizontal level highlighted on the chart.

What Traders May Watch

• A sustained move above $94 could bring the $100 area back into focus.
• Failure to overcome the $94 region could result in another period of consolidation or a pullback.
• A move below the recent support structure would shift attention toward lower support areas.

The weekly timeframe is useful for identifying major market structure, support and resistance zones, while lower timeframes can provide more detailed entry and risk-management information.

Conclusion

The WTI weekly chart currently shows a market that has recovered substantially from its previous lows but is approaching an important resistance region. The $94 level is therefore an area traders may monitor for confirmation of the next significant move, while the lower support zones remain important if the market turns lower.

Disclaimer: This analysis is for educational and informational purposes only. It is not financial or investment advice. Crude oil futures and CFDs involve significant risk, and prices can move rapidly due to economic data, geopolitical developments, supply decisions and changes in market sentiment. Always conduct your own research and use appropriate risk management.