Crude oil at $82.11, flat as a pancake. But the $79 SMA50 support is holding firm — and that matters ⛽
WTI is down just -0.15% with RSI at 49 (neutral), MACD barely positive (+0.68), and volume at 0.85x normal. The chart shows price stuck between SMA20 ($82.28 — right here!) and SMA50 ($79.14 below). The 5-day ($83.75) and 10-day ($84.43) MAs sit above as resistance.
This is range-bound trading at its finest. The 3-month range is $68.55 to $96.02, and oil is sitting in the middle. The market is waiting for a catalyst — either a supply disruption (bullish) or a demand scare (bearish).
Key context: OPEC+ production cuts are holding, geopolitical tensions in the Middle East remain elevated, and global demand is mixed (China stimulus vs. US recession fears). These are the forces that will break this range.
For traders, the play is simple: buy the range bottom, sell the top, and tighten stops when a catalyst appears.
Key Levels 📊
Support: $79.14 (SMA50) → $70.44 (major support)
Resistance: $84.43 (SMA10) → $90.54 (major)
Entry Zone: $80 — $83 (current level near SMA20)
Stop Loss: $75 (below psychological + SMA50)
TP1: $90 (range upper)
TP2: $95 (near 3-month high)
TP3: $96 (3-month high breakout)
R:R ≈ 1:1.9 on TP1
Range trades are boring until they're not. Be ready for the breakout.
Oil $90+ or $75? Which direction breaks first? 👇
#CrudeOil #Commodities #DYOR
⚠️ Not financial advice. DYOR. Commodities carry leverage risk.