Market Analysis Summary: WTI Technical Analysis
Overview
On March 24, 2026, Elior Manier provided an in-depth technical analysis of West Texas Intermediate (WTI) oil amidst ongoing geopolitical tensions, particularly focusing on the US-Iran conflict. The article discusses the recent volatility in oil prices, driven by fluctuating sentiments regarding potential negotiations between the US and Iran.
Key Developments
Oil prices experienced a significant drop as negotiations between the US and Iran appeared to be back on the table. President Trump's comments about resuming talks were initially met with skepticism but were later confirmed by Iranian officials. This development raised hopes for a potential ceasefire, although the realities of the ongoing conflict suggest that a resolution may not be imminent.
Market Sentiment
The market is currently pricing a 44% chance of a ceasefire by the end of April, indicating a general pessimism about the conflict's resolution. Factors contributing to this sentiment include ongoing attacks on gas infrastructure and the involvement of Saudi Arabia in the conflict, alongside the deployment of US Marines to the region.
Technical Analysis of WTI
The article provides a multi-timeframe analysis of WTI oil, highlighting key technical levels. The daily chart indicates that the 20-Day Moving Average at $86.00 is a critical level; a breach below this could signal further declines. Conversely, a rebound above the $93.00 to $95.00 zone would indicate bullish momentum.
Resistance and Support Levels
Key resistance levels identified include:
- $92.70 - Intraday Resistance
- $93.00 to $95.00 - Key Momentum Pivot
- $96.11 - 4H 50-period MA
- $106 to $108 - June 2022 Resistance
Support levels include:
- $87 to $90 - Mini-Support
- $86.49 - Past session lows
- $82.80 to $84 - Key Support
- $69 to $70 - Main Support (if ceasefire occurs)
Conclusion
The article concludes that the market remains uncertain, with traders advised to monitor ongoing developments closely. The interplay between geopolitical events and technical indicators will be crucial in determining the future direction of WTI oil prices.