Trump says Iran war "close to over" amid hopes for more negotiations
On the 1H chart, WTI crude oil is in a continuous bearish trend, with the price moving below the 9 EMA, which suggests that there is a definite short-term downward trend. The market has been establishing lower highs and lower lows which attest to the still prevailing seller dominance.
The recent drastic decline and poor recovery are an indication that buyers are yet to take control. There is an immediate pivot point at the price of 90.70.
Momentum-wise, RSI is at the oversold area (~30,) yet it is slightly stabilizing. This shows that on the one hand, there is a high selling pressure, but on the other hand, a short-term bounce or consolidation is not to be excluded.
Chart View :
Key Levels to Watch
- Support: 90.00, 88.50
- Resistance: 91.10 (EMA), 93.00
Scenario
- Bearish: If price fails to reclaim the EMA and stays below 91.10, further downside continuation is likely. A clean break below 90.00 could accelerate selling toward 88.50 and potentially lower levels.
- Bullish: A sustained move above 91.10 (EMA) could signal short-term recovery. If buyers manage to push above 93.00, we may see a stronger corrective rally toward higher resistance zones.
Conclusion
The overall structure remains bearish unless key resistance levels are reclaimed. Traders should watch for either a continuation breakdown below support or a reversal confirmation above EMA before positioning.
