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WTI Crude Drops 0.16% After Sharp Rejection Near $107, Holds Above $104 Support
US Crude Oil Spot is trading at $105.290, down 0.16% on the session, after a sharp intraday selloff erased earlier gains near $107.
Sharp Pullback from $107 High
WTI climbed to a session high just above $107.25 before hitting strong selling pressure. A single large red candle drove price down over $2 in minutes, breaking below the $106 support zone and printing a low near $104.10. The move wiped out several hours of gradual gains in one sweep.
Price has since bounced slightly, with the last candle closing at $105.290. The recovery off the $104.10 low suggests buyers stepped in at the short-term demand zone, but momentum remains weak below $106.
Key Levels in Play
Resistance: $106.00–$106.50. A reclaim here would neutralize the bearish intraday structure.
Support: $104.50–$104.10. Holding this zone keeps the bounce alive.
Breakdown Risk: A close below $104.10 could open the door for a move toward $103.50.
The drop looks like a liquidity grab below recent highs, with price quickly finding demand. For now, WTI is consolidating between $104.50 and $105.50 as traders watch for the next directional move.
WTI Crude Drops 0.16% After Sharp Rejection Near $107, Holds Above $104 Support
US Crude Oil Spot is trading at $105.290, down 0.16% on the session, after a sharp intraday selloff erased earlier gains near $107.
Sharp Pullback from $107 High
WTI climbed to a session high just above $107.25 before hitting strong selling pressure. A single large red candle drove price down over $2 in minutes, breaking below the $106 support zone and printing a low near $104.10. The move wiped out several hours of gradual gains in one sweep.
Price has since bounced slightly, with the last candle closing at $105.290. The recovery off the $104.10 low suggests buyers stepped in at the short-term demand zone, but momentum remains weak below $106.
Key Levels in Play
Resistance: $106.00–$106.50. A reclaim here would neutralize the bearish intraday structure.
Support: $104.50–$104.10. Holding this zone keeps the bounce alive.
Breakdown Risk: A close below $104.10 could open the door for a move toward $103.50.
The drop looks like a liquidity grab below recent highs, with price quickly finding demand. For now, WTI is consolidating between $104.50 and $105.50 as traders watch for the next directional move.
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