U.S. crude oil prices are almost at a key support zone within the 4-hour time-frame.

Is the Black Crack ready for an additional swing higher?

Or will WTI bears force a retest of lower previous levels before letting the bulls gain some ground?

WTI Crude Oil (USOIL) 4-hour Chart by TradingView

In case you missed it, U.S. oil prices gained just a few points on Wednesday as oil traders juggled the ceasefire between Israel and Hezbollah and EIA reporting higher U.S. crude oil inventories. Meanwhile, a decreased demand for the U.S. dollar is supporting counterparts like crude oil.

WTI crude oil, which dipped from the $71.00 area, made one other play for the $68.00 levels near the S1 ($67.98) Pivot Point line. As you’ll be able to see, the world can also be near the underside of a variety on the 4-hour time-frame.

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. In the event you haven’t yet done your homework on crude oil and market sentiment, then it’s time to ascertain out the economic calendar and stay updated on every day fundamental news!

Is WTI able to swing higher? Or will bears drag the asset lower before letting the bulls get just a few pips in?

Look out for green candlesticks and consistent trading above $68.00, which could attract enough momentum traders into pushing USOIL back to the $70.00 mid-range and psychological level if not the $72.00 previous highs.

Alternatively, sustained trading below the S1 Pivot Point line opens the potential of a retest of the $67.00 major range support. And, if there’s enough momentum, we could see consistent trading below the range that could lead on to a downside breakout.

As at all times, be careful for other top-tier catalysts that might impact overall market sentiment, and make certain you practice proper position sizing when taking any trades!