The price of WTI crude oil fell to a low of $82.40 today. That level was just short of the low of a swing area between $82.35 and $83.32.
Looking at the daily chart below, swing highs going back to November 2022 (see red numbered circles on the chart below) stalled rallies. In August, the price moved above that area briefly reaching a high of $84.85, before rotating back to the downside on the failed break. In September, the price moved back above the swing area again and this time raced to the $95 level on September 28 before starting the 6-day tumble to the downside.
Now with the support holding at $82.35, traders are pushing the price back higher. Of interest on the topside would be the August 10 high at $84.85. Get above that level and we could see further momentum to the upside. Conversely stable low and the battle continues between $84.85 and the swing area between $82.35 and $83.32.
Crude all tests key support, and bounces. What next?