FX.co ★ CL/Crude Oil

CL / WTI Crude Oil Market Analysis – 4 March 2026 Market Overview & Price Action Crude oil (WTI) remains strongly supported, with prices holding elevated levels amid ongoing geopolitical tensions in the Middle East. Supply disruption concerns continue to add a geopolitical risk premium to the market. Although recent U.S. inventory data showed a build in crude stockpiles, prices have remained firm. This indicates that traders are currently prioritizing supply-risk concerns over short-term fundamental data. Volatility remains elevated, and momentum has favored the upside in recent sessions. Overall Sentiment: Bullish with high volatility. Key Technical Levels Resistance Levels 74.20 – Immediate resistance 77.40 – Next upside target 79.80 – 80.00 – Psychological and major resistance zone Support Levels 71.75 – Near-term support / pivot zone 68.55 – Secondary support 66.10 – Major structural support Technical Outlook Trend: Short-term bullish trend structure remains intact. Momentum: Strong upside momentum, though short-term overbought conditions may trigger pullbacks. Moving Averages: Short-term averages remain above long-term averages, confirming bullish alignment. Volatility: Elevated due to geopolitical developments. As long as price holds above 71.75, upside pressure remains dominant. Trade Setups Bullish Scenarios Breakout Trade Entry: Above 74.20 (confirmed breakout) Target 1: 77.40 Target 2: 79.80 – 80.00 Stop Loss: Below 71.75 Pullback Buy Entry: Bounce from 71.75 support zone Target: 74.20 → 77.40 Stop Loss: Below 68.55 Bearish / Correction Scenario Rejection at Resistance Entry: Bearish rejection near 77.40 Target: 74.20 → 71.75 Stop Loss: Above 79.00 If price breaks below 66.10, medium-term bias would shift toward a deeper correction. Risk Factors to Monitor Developments affecting Middle East supply routes U.S. inventory surprises Dollar strength or weakness Broader risk sentiment in global markets Summary Bias: Bullish while above 71.75 Upside Targets: 74.20 → 77.40 → 80.00 Downside Risk: Below 66.10 signals trend shift Market Condition: High volatility, geopolitically driven