XTIUSD Chart Technical Outlook

XTIUSD Chart Technical Outlook US Crude Oil Scope for a Bullish Profit-taking Correction The market witnessed extended losses in US crude oil last week with demand concerns, heightened by higher for longer US interest rates, weighing on the commodity. From a technical perspective, the medium-term bias remains negative but there is ample scope for an intraday correction to the upside. The 8-hour chart highlights an expanding wedge formation that has a bias to break to the downside. On a break of $73.00, the measured move target is $67.74. The intraday chart highlights a demand zone between $76.23 and $75.50. Bespoke support is located at $75.84. Conclusion: with bespoke support at $75.84 inside the demand zone, there is ample scope for a profit-taking correction to the upside. Buying at bespoke support ($75.84), targeting the previous swing low at $77.19 with a stop loss of $75.34 (outside the demand zone), offers an intraday corrective trade setup of 2.7R. *Resistance: $77.19 (swing low), $78.75 (bespoke), $78.78 (bespoke) *S

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