Crude Oil (WTI) Analysis | 4H Chart | 03/04/26
Oil showed a strong bullish move after bouncing from the ascending trendline near the 0.50 Fibonacci level (94.05), closing close to the key resistance zone.
However, momentum is now slowing down as price approaches a strong resistance confluence, indicating a potential pullback.
Key signals:
• Price touching the upper Bollinger Band
• Bearish divergence forming on RSI
• Rejection near resistance levels
Outlook:
Oil may retrace towards the golden Fibonacci zone if bearish pressure continues.
Key Levels:
R1: 103.25
R2: 108.00
S1: 98.40
S2: 94.05
Stay cautious and manage risk accordingly.
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