Crude Oil WTI is testing $84.70 on the 5-hour chart, a level where the 78.6% Fibonacci retracement meets the highest-volume historical trading zone. The price sits just above it at $84.71, while an overbought Money Flow Index raises the odds of a sharp reversal instead of a clean breakout.
Crude Oil WTI is pushing against a heavyweight resistance at $84.70 on the 5-hour chart, with the latest forming candle at $84.71. That price sits only cents above the trigger level, but the move has not produced a confirmed breakout yet.
A resistance zone with a history of holding
The $84.70–$85.50 band has already seen three touches of seller defense, and the Volume Profile Point of Control points to institutional supply sitting in the zone. A resistance level this heavily defended tends to force a decision: either bulls clear it on volume, or sellers push price back down.
Bullish trend, overbought momentum
The long-term trend still favors bulls, with price above the 200-period moving average at $77.84, backed by a green SuperTrend reading and a bullish MACD cross. Yet the Money Flow Index sits at 83.85, deep in overbought territory, and most reversals from this indicator start once it clears 80. A close above the upper Bollinger Band at $85.51 would open the door to further upside, but a failed push risks a bull trap.
Levels traders are watching
Aggressive bears are eyeing an entry at $84.70 on a bearish reversal candle, with a stop at $86.45 and targets at $81.20, $79.70 and $77.84. Aggressive bulls, by contrast, wait for a 5-hour close above $85.60, targeting $85.50, $87.50 and $89.00 with a stop at $80.50. The $82.80–$84.70 range is a no-trade chop zone to avoid.
Source: Investing.com
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