Missing the regular uptrend on crude oil prices?

This is maybe one other probability to catch a dip on a quick pullback!

Take a take a look at these correction levels I’m eyeing on the 4-hour time-frame.

WTI Crude Oil 4-hour Chart by TradingView

Crude oil is stalling on its climb after seeing stronger than expected U.S. CPI data that reinforced expectations of “higher for longer” U.S. borrowing costs.

The surprise construct in EIA crude oil inventories also brought bearish vibes, because the rise of 5.8 million barrels in stockpiles versus the projected gain of 0.9 million barrels suggested weaker demand conditions.

Don’t forget that directional biases and volatility conditions in market price are typically driven by fundamentals. Within the event you haven’t yet done your fundie homework on crude oil and the U.S. dollar, then it’s time to determine out the economic calendar and stay updated on on daily basis fundamental news!

With that, the commodity is maybe poised to take care of retreating within the interim, possibly testing the nearby support zones marked by the Fibonacci retracement tool.

The 38.2% level appears to be attracting some buyers currently, but an even bigger correction could still test the 50% Fib near the $84 per barrel mark, S1 ($83.68) and the rising trend line that’s been holding since February.

The 100 SMA dynamic support also lines up with this area in order so as to add to its strength as a floor and is above the 200 SMA to hint that the uptrend is more more prone to resume than to reverse.

If any of the Fibs are able to keep losses in check, stay searching for a continuation of the climb to the swing high or as much as R1 ($88.63) then R2 ($90.58).

Are there another catalysts that might still impact market sentiment and USD direction at the highest of this trading week? Just make certain that you simply retain your eyes and ears peeled for geopolitical headlines, too!