WTI

By Gary Kinsley

Crude Oil

, 1 hour

short

#Technical

#Bearish

Range

Resistance 1 81.50
Quote Price 80.85
Support 1 79.50

On the 1 hour chart, we can see that the price is now trading right around the support zone. This is where the buyers will look for a bounce and will likely increase the bullish bets into the resistance if the price were to break above the $81.50 level. The sellers, on the other hand, will want to see the price breaking below the support to increase the bearish bets into new lows with the trendline as the first target.