WTI Crude Oil Price Action Forecast: $100 in Sight if Bulls Clear Resistance

The crude oil price forecast points to a potential bullish continuation on the weekly chart, while daily market structure remains bearish based on the supplied chart analysis. Price is consolidating between weekly support at 87.360–90.830 and daily resistance at 92.875–94.765.

Bullish rejection at weekly support suggests buyers are defending the area. However, a confirmed breakout above daily resistance is still needed to strengthen the outlook for a move toward 100.305.

Can crude oil break above 94.765 and extend its weekly uptrend, or will a breakdown below 87.360 give sellers control?

Key Takeaways

1. The weekly chart remains bullish, with a potential higher low forming at support.
2. Rejection at the inverted head and shoulders neckline adds an area to watch for weekly bullish confirmation.
3. Daily market structure remains bearish despite price trading above the daily 50 EMA.
4. Weekly support sits at 87.360–90.830.
5. Daily resistance sits at 92.875–94.765.
6. A confirmed breakout and support retest could open a move toward 100.305.
7. A break below weekly support, followed by bearish confirmation, would weaken the bullish continuation outlook.

Crude Oil Technical Analysis: What Does Price Action Show?

Crude Oil Weekly Chart: Potential Higher Low at Support

Weekly Chart Price Action Analysis. Price is forming a Potential Higher Low at Weekly Support Level

The weekly crude oil chart shows a broader bullish trend, with price potentially forming a higher low around weekly support.

Bullish rejection candles suggest buying interest in the 87.360–90.830 zone. If buyers continue defending this area and price subsequently advances, the pullback could develop into a confirmed higher low.

Price is also trading above the weekly 50 EMA, supporting the broader bullish bias. However, the EMA alone does not confirm that the next upward move has started.

Weekly chart observations:

1. A bullish broader trend.
2. A potential higher low forming around support.
3. Bullish rejection from 87.360–90.830.
4. Price holding above the weekly 50 EMA.
5. Consolidation beneath daily resistance.
6. Price showing rejection at the inverted head and shoulders neckline.

The weekly chart supports a bullish continuation scenario, but resistance must be cleared before that scenario gains stronger confirmation.

Inverted Head and Shoulders Neckline: Weekly Confirmation

Weekly Chart Price Action Analysis. Price is Retesting the Inverted Head and Shoulder Neckline

The weekly analysis also identifies rejection at the inverted head and shoulders neckline. If price has already broken above the neckline and is now retesting it from above, buyers defending that retest would support the bullish outlook.

A neckline touch alone is not confirmation. Watch for the following sequence:

1. Price has closed above the neckline, establishing the initial breakout.
2. Price pulls back and tests the neckline from above.
3. A weekly bullish rejection candle or bullish engulfing candle forms and closes above the neckline.
4. Price follows through above the confirmation candle’s high, strengthening the evidence that buyers are defending the retest.

A pronounced lower wick can indicate rejection of lower prices. Combining this candlestick confirmation with the potential higher low and price holding above the weekly 50 EMA would strengthen the continuation case.

Weekly idea: Neckline breakout → retest from above → bullish weekly close → upward follow-through.

If price is still below the neckline, rejection there would not confirm bullish support. Buyers would first need to reclaim it. A weekly close back below a previously reclaimed neckline would weaken the pattern, especially if price then fails to recover above it.

The neckline provides additional context; the daily resistance breakout above 94.765 remains a separate confirmation requirement. 100.305 is the supplied upside target, not a calculated head and shoulders measured-move target.

Crude Oil Daily Chart: Bearish Structure Meets Improving Momentum

Daily Chart Price Action Analysis. Price is at a Consolidation Zone

The daily chart retains a bearish market structure, while price is consolidating between the same support and resistance zones.

Daily Chart Price Action Analysis

At the same time, price is trading above the daily 50 EMA. This suggests improving short-term momentum, and the EMA could act as dynamic support if buyers defend it during a pullback.

These signals can coexist: price can recover above a moving average before it breaks the swing highs that define a bearish trend.

Daily chart observations:

1. Bearish market structure has not yet been confirmed as reversed.
2. Price remains within the consolidation range.
3. The daily 50 EMA could provide dynamic support.
4. 92.875–94.765 remains the key resistance zone.
5. A break above the previous daily lower high would add evidence of a structural shift.

For now, trading above the EMA supports the recovery attempt. A confirmed resistance breakout and follow-through would provide stronger evidence that buyers are taking control.

Crude Oil Support and Resistance: Key Price Levels

Identifying support and resistance levels helps define where each scenario could develop.

A move into a zone is not the same as a break through it. A close above 94.765 clears the full resistance zone, while a close below 87.360 breaks the full weekly support zone.

Crude Oil Price Forecast: Bullish and Bearish Scenarios

Crude Oil Bullish Scenario: Breakout and Retest Toward 100.305

Daily Timeframe Price Action Analysis. Bullish Bias Anticipation

The bullish scenario requires crude oil to break above 92.875–94.765 and hold the reclaimed zone as support.

A daily close above 94.765 would be the first confirmation to watch. The next step is a successful break and retest that shows buyers defending former resistance.

Bullish Confirmation Checklist:

Daily Timeframe Price Action Analysis. Bullish Take Profit and Stop-loss Placement

1. Price closes above 94.765, clearing the daily resistance zone.
2. Price pulls back toward 92.875–94.765 from above.
3. Former resistance holds as support.
4. A bullish rejection or engulfing candle forms at the retest.
5. Price follows through higher, supporting a potential move toward 100.305.

A bullish pin bar with a pronounced lower wick at the retest can show buyers rejecting lower prices. A bullish engulfing candle can provide further evidence of buying interest, particularly when followed by continued upward movement.

Bullish idea: Break above 94.765 → support retest → bullish confirmation → potential move toward 100.305.

This setup would align with the broader weekly bullish trend. A break above the previous daily lower high would strengthen the case for a daily structural shift.

A daily close back below 92.875 after the breakout would weaken the setup by returning price beneath the reclaimed zone. Waiting for the retest can help assess false breakouts, although no confirmation method eliminates that risk.

Crude Oil Bearish Scenario: Breakdown Below Weekly Support

Daily Timeframe Price Action Analysis. Bearish Bias Anticipation

The bearish scenario requires a break below the weekly support zone at 87.360–90.830.

Moving below 90.830 would put price inside the support zone. A daily close below 87.360 would provide stronger evidence that sellers have broken through the entire area.

Traders can then watch for a bearish break and retest, with former support becoming resistance and price rejecting it from below.

Bearish Confirmation Checklist:

Daily Timeframe Price Action Analysis. Bearish Take Profit and Stop-loss Placement

1. Price closes below 87.360, breaking the full weekly support zone.
2. Price retests 87.360–90.830 from below.
3. Former support holds as resistance.
4. A bearish rejection or engulfing candle forms at the retest.
5. Price also breaks below the daily 50 EMA and rejects a subsequent retest from underneath, adding confirmation.
6. Price follows through lower to support the breakdown.

The EMA break and retest may occur before or after the support breakdown, depending on its position. The important condition is that price fails to reclaim it while sellers defend broken support.

Bearish idea: Break below 87.360 → resistance retest → bearish confirmation → potential downside continuation.

This would weaken the proposed weekly higher low and support the daily bearish outlook. It would not automatically establish a complete weekly trend reversal.

A sustained recovery above 90.830, followed by support holding, would weaken the breakdown scenario.

Crude Oil Forecast: What to Watch Next

Crude oil presents a bullish weekly backdrop and a bearish daily structure, with price consolidating between clearly defined zones. A successful inverted head and shoulders neckline retest, confirmed by a bullish weekly close and upward follow-through, would add support to the broader bullish case.

For buyers, the focus is a daily close above 94.765, a successful support retest, and bullish candlestick confirmation. That combination could support a move toward 100.305.

For sellers, the focus is a daily close below 87.360, rejection from former support, and a failed retest of the daily 50 EMA.

Until either scenario confirms, price remains within consolidation.

Watch the breakout. Wait for the retest. Let price confirm the direction.

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