WTI climbs on Iran’s revenge response to Trump’s 48-hour ultimatum

💡 DMK Insight

WTI’s surge back to the $100 mark is a significant psychological level for traders. This rally follows a 3.5% gain on Friday, indicating strong bullish momentum. Traders should consider that this level has historically acted as both support and resistance, making it a critical watchpoint. If WTI can hold above $100, we might see further upside, potentially targeting the next resistance levels. However, if it fails to maintain this position, a pullback could be on the horizon, especially with ongoing geopolitical tensions and supply chain concerns influencing oil prices. Keep an eye on inventory reports and OPEC’s next moves, as these could catalyze volatility. The flip side is that some analysts may view this rally as overextended, suggesting a correction could be imminent. Watch for signs of exhaustion in buying pressure, particularly on the daily charts, as that could signal a reversal. Overall, the immediate focus should be on how WTI interacts with the $100 level in the coming sessions.