FX.co ★ Wiking | CL/Crude Oil

WTI Crude Oil Daily Chart Analysis The daily chart of WTI crude oil clearly illustrates a change in trend, where a corrective bearish phase gives way to a bullish structure, from mid, October 2025 to late February 2026. The initial part of the chart shows price action on 17th October as WTI crude oil was traded close to 57.20 after a sharp rebound. Subsequently, there was a volatile move towards a new high at 62.50 by 27th October. This peak then turned out to be a resistance for the short term; sellers came back to the market, and the price could not maintain the level above 61.80-62.00. After 28th October and until around 12th November, the price was floating in a roughly sideways range with a slight downward bias. Several daily candles showed long wicks, illustrating indecision and a lack of strong follow-up. The market during this time produced a lower high near 61.40 on 4th November, and after that, it went down once more. The drop picked up pace in late November, and by 20th November, the price was hovering at about 58.00. This level was able to hold for a very short time, but, on the whole, the structure remained bearish. The bearish leg was extended until early December. Between 28th November and 16th December, WTI kept making lower highs and lower lows. On 16th December, the price hit a significant swing low near 55.40, which has become one of the key structural lows on the chart. This level indicated that the downside was exhausted, as the next sessions were characterized by strong bullish candles and aggressive buying pressure. The start of a trend reversal can be traced back to 17th December. Price bounced back quite dramatically from 55.40 and reached 58.80 by 24th December. The pullback into 30th December remained above 57.00, thus making the first higher low and confirming a change in short-term structure. Such a higher low was vital since it was in line with the surge of momentum on MACD and the steady recovery of RSI from oversold levels. The bullish structure became more robust during the period 2nd January to 21st January 2026. Price started the upward movement from the level of 57.50 approximately, and with a strong momentum broke above the level of 60.00. WTI crossed the falling moving averages on the 13th of January, which is a strong indication that the price trend is changing (margin: A shift in bias). Anyway, the price continued to rise until 21st January when it touched 62.80. This time price made a higher high compared to the one in November, which is a confirmation of a medium-term uptrend. There was a period of correction between 22nd January and 6th February. Price during this time came down from near 63.00 to roughly 61.80. This decrease was in line with the 61.8% Fibonacci retracement of the previous rally, and the price was still above the uptrend line drawn from the 16th December low. During the correction phase, the price bars were overlapping and quite small, which is a sign that the market was consolidating rather than distributing. From 7th February to 14th February, the buyers took over again. The price increased rapidly from the 62.00 level and reached a new swing high close to 66.80 on 14th February. This impulsive move displayed a strong bullish direction as there was very limited retracement and wide, range candles. The breakout above the January high confirmed the continuation of the bullish pattern and increased the market interest in higher resistance levels. In the recent days (from 15th February up to 24th February), the price has entered a consolidation phase just below the 67.00 high. The price market is above the 23.6% Fibonacci retracement around 66.00, which is currently acting as short-term support. RSI is stuck at a near 60 level, which confirms that the bullish momentum is there, but without overbought conditions, and MACD is still positive, which is, however, flattening a little. The bigger picture is a clear bullish trend now. The trend is characterized by the higher low on 30th December, the higher high on 21st January, and the expansion high on 14th February. Hence, if the price supports the rising trendline and the 64.00, 65.00 support zone, the bulls are safe to win. Furthermore, a clean break above 67.00 will lead the way to 68.50, 70.00, while a retreat below 64.00 signals a deeper pullback that wouldnt fully negate the main uptrend.