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WTI, Time frame: 1 DWTI crude oil continues to trade within a well-defined ascending channel, with higher highs and higher lows supporting the recovery from the July lows. After briefly testing the lower trendline near $89–$90, buyers stepped back into the market and successfully defended the broader uptrend structure.
Price Reclaims the Point of Control
A key development is the move back above the $93.39 Point of Control (POC), highlighted by the black horizontal line. The POC represents the highest concentration of trading activity on the volume profile and serves as the market's primary value area.
The successful reclaim of this level suggests buyers have regained control after the recent pullback.
Channel Resistance Comes Into Focus
WTI is currently trading near $100.25, bringing price back toward the upper half of the ascending channel. The next technical challenge lies near the channel resistance and recent swing highs around $104–$106.
This area previously attracted sellers and remains the key upside hurdle for the current recovery.
Volume Profile
The volume profile shows strong participation between $92 and $103, with significant acceptance around the current price region. Holding above the POC strengthens the bullish case and keeps attention focused on higher resistance levels within the channel.
RSI
The RSI has climbed to approximately 61, moving above its signal line near 52 and comfortably above the neutral 50 level.
This suggests momentum has shifted back in favor of buyers following the rebound from channel support. While RSI is strengthening, it remains below overbought territory, leaving room for further upside if buyers maintain control.
Disclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
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