#CL Weekly Timeframe 
The weekly chart of WTI crude oil or #CL shows a significant change in market dynamics in recent months. After experiencing a long period of weakness throughout the second half of 2025 to the beginning of 2026, prices managed to form a strong base around 63.65 before starting an aggressive recovery phase. This rally led prices to break through several key resistances and push movements to reach highs above $110 per barrel. However, after this sharp spike, the market began to enter a deep correction phase due to profit-taking actions and a decrease in buying momentum. From a Moving Average perspective, the current price position is around the MA 100 area indicated by the blue line and the MA 200 indicated by the red line. The MA 100 has turned upwards with a clear slope, reflecting that the medium-term trend still has a bullish character. The rise in the MA 100 also indicates that the rally since the beginning of the year has had a positive impact on the overall trend structure. Meanwhile, the MA 200 is still relatively flat but starting to show signs of reversing upwards. This condition illustrates that the long-term trend is in a transition phase from bearish to neutral to bullish. Interestingly, the price is currently testing a convergence area between the MA 100, MA 200, and a very important horizontal support. This area is around 74.77 to 76.65. In technical analysis, the convergence of several technical factors in one zone often creates a strong defense area. Therefore, the price reaction to this area will determine the direction of #CL movement in the coming weeks. From the horizontal support side, the 76.65 level is the nearest support currently being tested by the market. This level previously served as a significant resistance before being breached during the rally phase. In the principles of technical analysis, a successfully breached resistance often changes function to become support. If the price can hold above this area and produce a bullish reversal pattern, the opportunity for a recovery towards higher levels will reopen. If selling pressure continues and the price convincingly breaks below the 76.65 area, the next support is around 69.45. This area is highly significant as it was a consolidation zone before a major breakout at the beginning of 2026. A decline towards that level can still be considered a normal correction in a larger uptrend. However, if the 69.45 support also fails to hold, the market risks re-entering a bearish phase with a target decline towards a major support around 63.65, which was the previous base of the rise. On the resistance side, the first area to watch is at the 87.20 level. This level has been a rebound point for prices several times during the current correction phase. If buyers manage to push the price back above this area, bullish sentiment will strengthen again and open up the possibility of an increase towards the next resistance around 96.95. This level is one of the important zones that previously acted as a distribution area after a sharp rally. If the bullish momentum strengthens further, the next target is at the 102.79 resistance, which is a psychological boundary and an active trading area during high volatility a few months ago. Above that level, there is a major resistance at 111.03, close to this year's peak. A breakthrough above that area will signal that the long-term uptrend is resuming with the potential to reach the next highest resistance around 119.50. From the weekly candlestick structure, it is evident that selling pressure still dominates in the short term. Several recent candles show the formation of lower highs and lower lows, indicating an active correction phase. However, it should be noted that this correction occurs after a very sharp increase, so technically it can still be categorized as a normal process to alleviate overbought conditions. As long as the price holds above the 74.77–76.65 area, the medium-term bullish structure remains intact. Overall, the technical analysis of #CL on the weekly timeframe indicates that the market is currently in a crucial support testing phase. The continuously rising MA 100 and the position of the MA 200 starting to turn upwards indicate that the long-term trend is improving. The 74.77 to 76.65 area is a key zone that will determine the next direction. Maintaining the price above this area will keep the opportunity for a recovery towards 87.20, 96.95, and 102.79. Conversely, a strong breakthrough below that support can extend the correction towards 69.45 or even 63.65. Therefore, the main focus of market participants now is to observe whether the support area adjacent to the MA 100 and MA 200 can withstand the current selling pressure or instead become the starting point for a deeper trend change.
