WTI Crude Oil steadies near $90.00 after a ceasefire-led sell-off

💡 DMK Insight

Crude’s 15% drop signals a major shift in market sentiment and here’s why it matters: The ceasefire in the Iran war is a game changer, likely easing supply concerns that have kept oil prices elevated. With WTI now around $90.00, traders should be on alert for potential volatility as this could trigger profit-taking among long positions. The drop from over $106.00 suggests a significant shift in momentum, and if prices breach the $90.00 support level, we could see further declines. Look for correlated assets like energy stocks and ETFs, which might react sharply to this news. But here’s the flip side: if geopolitical tensions flare up again, we could see a rapid reversal. Keep an eye on the daily charts for any bullish reversal patterns around the $90.00 mark. This is a critical level to watch, as a bounce could signal a buying opportunity for those looking to capitalize on potential rebounds in crude prices.