Crude Oil Technical Analysis: WTI Rebounds Above Key Pivot at 89.39

Crude Oil Intraday Technical Overview

Crude Oil (#CL) is showing signs of recovery on the one-hour (H1) chart, trading near the 90.57 level after staging a corrective rebound from recent local lows in the 86.35–86.95 range. Price action confirms a breakout from a former descending channel, with the asset currently advancing within a secondary ascending channel and holding above its median line.

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During the recent upward push, the market cleared the daily pivot point at 89.39, reaching toward the first daily resistance level (Daily R1) at 92.13. Although minor corrective pullbacks have tested the lower boundary of the current pattern, price remains supported above the daily pivot, preserving short-term upside potential.

Key Intraday Technical Levels

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On the upside, initial resistance is located at 92.13 (Daily R1 and recent intraday high), followed by secondary resistance at 93.77 (Daily R2). Major pivotal resistance stands at 96.51 (Daily R3), which coincides with the upper boundary of the former descending channel.

To the downside, immediate support rests at the daily pivot level of 89.39. A breach below this pivot opens the path to secondary support between 87.75 and 87.60 (Daily S1), with structural floor support marked at the 86.35 low.

Short-Term Scenarios and Trading Strategy

The primary intraday scenario remains bullish as long as price action holds above the 89.39 pivot. Long opportunities are favored on pullbacks toward 90.00, targeting 92.13 and 93.77. Given current market volatility, strict risk management capping risk at 2% per trade is recommended.

An alternative bearish scenario would be confirmed by an hourly candle close below 89.39. Such a breakdown would shift momentum downward, targeting daily support at 87.75 and potentially retesting the 86.35 major low.

Daily Chart Outlook and Higher-Timeframe Trend

On the daily timeframe, Crude Oil trades near 90.54 inside a wider ascending channel structure. Despite recent consolidation near current levels, the asset remains under broader selling pressure following a steep decline below the monthly pivot point of 100.05 and the first monthly support level (Monthly S1) at 89.59.

The macro outlook maintains a bearish bias while prices remain below monthly pivot resistance. Continued weakness risks extending the decline toward the second monthly support target (Monthly S2) at 76.41, whereas a sustained recovery above Monthly S1 would be required to re-establish bullish traction on the higher timeframe.

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