WTI & Brent Crude Oil Technical Analysis - Elliott Wave Update

Why It Matters

Clearing the identified resistance could trigger a rally in oil prices, influencing energy stocks, inflation expectations, and global risk sentiment, making the levels vital for traders and policymakers.

Key Takeaways

• Breakout above green line targets $11,330–$13,600 levels soon
• Wave C of wave B has four Fibonacci resistance points
• Short‑term bullish bias requires holding above $9,452 throughout
• Micro support zone lies between $7,370 and $8,860
• Potential fifth wave could push prices even higher after pullback

Summary

Analysts reviewed WTI and Brent crude using Elliott Wave theory, highlighting immediate resistance and Fibonacci targets for the coming week. The discussion centered on a potential breakout above a green trend line, which would open the path to four key resistance zones at approximately $11,330, $12,150, $12,675 and $13,600.

The speaker identified wave C of wave B as the current focus, outlining four Fibonacci‑derived resistance points. A short‑term bullish bias hinges on maintaining price above $9,452, while a micro‑support band between $7,370 and $8,860 could cushion a fourth‑wave pullback. The analysis also left room for a fifth wave that might lift prices further after the pullback.

Notable remarks included, “I can’t repeat it enough – the overall idea is still that we can go higher on oil,” underscoring confidence in upward momentum. The presenter repeatedly referenced specific Fibonacci levels to illustrate where market participants should watch for price reactions.

If oil clears the outlined resistance, it could energize the broader energy sector, pressure inflation metrics, and reshape risk‑on sentiment across equities and commodities, making these technical thresholds critical for traders and investors alike.

Original Description

This video provides a professional Elliott Wave and technical analysis of the oil market, focusing on the current price structure, support and resistance zones, and possible mid- to long-term scenarios. The goal is to help viewers understand where gold stands in the larger market context — from short-term setups to long-term structural insights.

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