CL NYMEX Crude – Oil Loses the $100 Handle; Technical Correction Risk Elevated

Oil prices surged then reversed last week after China, at Saudi Arabia’s request, mediated to restrain Houthi attacks on Saudi oil facilities, temporarily reducing the geopolitical premium. WTI traded between 94.80 and 106.75 before settling at 96.08. Technically a divergence-led correction is underway; after losing the 9-day moving average that line has flipped from support to resistance. Overhead resistance is located at 99.90 and 101.40; support sits at 93.40, 90.90, and 89.40. Expect early trade to remain relatively stable within a 93.40–98.40 band.

Forecast range: 
Resistance: 99.10 – 100.00* – 102.50 – 105.60 – 106.75  
Support: 93.40 – 90.90 – 89.40
 

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