WTI Crude Oil at Key Support Amid Geopolitical Uncertainty

ALERT: TRADING AND ANALYSIS NOW ROLLED TO DECEMBER FUTURES 

Yesterday’s Close: Settled at 70.09, +0.27 [+0.39%]

WTI Crude Oil Futures were little changed yesterday after a bullish EIA report. Prices are lower by -0.94 this morning and through our key support levels. There are renewed calls for an Israeli ceasefire by the U.S. after the killing of Hamas’s militant leader.

For readers, the most important analysis today is on current price action as WTI futures trade are at a key pivot point and a rare four-star support level.

WTI Crude Oil futures cannot sustain a rebound and are again testing into rare major four-star support at 69.33-69.69. Price action has responded thus far but there is clear one-two punch here, hesitance or
liquidation from the bulls and steady selling from the bears. Although the potential upside is significant, a failure to hold 69.33-69.69 opens the door for a test of major three-star support at…

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