WTI Oil Technical Analysis Summary
By Elior Manier - February 27, 2026
Market Overview
As the weekend approaches, WTI Oil prices are experiencing volatility due to rising geopolitical tensions in the Middle East. Recent warnings from the US government for non-essential staff to evacuate embassies in Israel and Iraq have heightened market anxiety, leading to fluctuations in oil prices.
Current Price Movements
WTI Oil prices recently dipped to $63.50 per barrel but have since rebounded to around $67, reflecting the market's reaction to ongoing geopolitical risks. The Polymarket odds for a potential US military intervention in Iran have increased, although they remain low.
Technical Analysis
Daily Chart Insights
The WTI Oil daily chart indicates that prices are following an ascending channel. The immediate bullish candle suggests potential upward momentum, provided prices stay above the $65-$66 pivot level. The 20-day moving average at $64.61 is a critical support level to watch.
4-Hour Chart Analysis
On the 4-hour chart, WTI Oil has shown a recent spike to just below $68, but is currently consolidating around $67. Key resistance levels include $67.93 (morning highs) and $68 (psychological resistance). Support levels are identified at $66.50 and the war premium support zone between $62.00 and $63.40.
1-Hour Chart Observations
The 1-hour chart reveals a doji candle, indicating market indecision. Traders should monitor the $68 level for potential confirmation of military action, while a hold above $65 could signal continued elevated tensions. If no significant events occur, a retest of the support zone at $62.00 to $63.40 is likely.
Conclusion
As the market navigates through geopolitical uncertainties, traders are advised to remain cautious and attentive to key technical levels. The upcoming OPEC+ meeting may also contribute to market volatility. Safe trading and a pleasant weekend are encouraged.