Market Analysis of Crude Oil on Wednesday 22 January 2025

Crude Oil (WTI)‎ (H5)‎ Intraday: capped by a negative trend line.

Pivot:

76.70

Our preference:

Short positions below 76.70 with targets at 75.10 & 74.40 in extension.

Alternative scenario:

Above 76.70 look for further upside with 77.15 & 77.85 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.