Brent Oil and Crude Oil WTI have both pulled back sharply after parabolic rallies stalled against heavy selling. Brent trades at $105.13, down from a $109.68 peak, while WTI sits at $100.45 after a rejection at $104.44, and traders now watch key support levels to gauge whether the pullback deepens.
Brent's rally hits a wall
Brent Oil surged to $109.68 before a high-volume rejection reversed the move, and the price now sits at $105.13, more than 4% below that high. The five-hour RSI has cooled to 67.8, still in overbought territory, while the ADX reads 43.1, showing the broader uptrend remains strong even as momentum fades. The SuperTrend indicator marks support at $102.70, a level that stays bullish unless broken.
WTI fades from its own peak
Crude Oil WTI surged to $104.44 before heavy selling pushed it back down, and bulls now defend the $97.54 SuperTrend line. The five-hour ADX has climbed to 44.64 even as RSI cooled from an overbought 68.1, and a confirmed bearish engulfing pattern points to buyer exhaustion. WTI still holds above the Ichimoku Cloud between $93.34 and $98.24 and above its 20-period SMA at $96.41, keeping the broader bullish structure intact.
Where the next move gets decided
Brent's $102.70–$106.50 range counts as a chop zone, where momentum offers no clear direction. WTI's $97.50–$101.50 band forms a similar no-trade zone, and a five-hour close below $97.54 likely flips WTI's structure to bear-controlled. A break of Brent's $102.70 support level opens the case for a deeper slide toward the $96.45 SMA 50 target. On the Brent chart, the $100.35 Fibonacci retracement 23.6% level marks the first pullback magnet after a parabolic run of this kind, via the Fibonacci retracement tool.
Sources: Commodities & Futures News, Commodities & Futures News
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