The chart illustrates WTI crude oil trading in a consolidation phase following a strong bullish rally 📊. Price has repeatedly tested the resistance zone around 101, forming multiple rejection wicks that highlight strong selling pressure at this level. Despite this, the ascending trendline continues to act as dynamic support, maintaining the overall bullish structure. Currently, price is approaching a key breakout zone, making the next move crucial 👀. A successful breakout above resistance could trigger strong bullish momentum, pushing price toward the target of 111.71 🚀. However, if price breaks below the trendline, it would signal weakness, leading to a decline toward the first bearish target at 91.95, with further downside potential extending to 86.52 if selling pressure intensifies.
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