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USOIL on the H4 timeframe is weakening after being rejected around USD 110 and breaking below its ascending channel. The price is now testing the key USD 99 - 101 support zone, which aligns with the EMA100. If this area holds, the price may rebound toward USD 104–105; if it breaks, the risk of a deeper decline toward USD 97.5 - 98.5, or even USD 91 - 92, would increase.
On the H4 timeframe, USOIL started to form a lower high after being rejected around the USD 110 area, suggesting that the price has shifted into a corrective consolidation phase. The break below the lower boundary of the previous ascending channel also indicates that short-term bullish momentum has weakened significantly.
USOIL is entering a technical correction phase after its previous strong rally. The USD 99 - 101 zone is now playing a decisive role: if it holds, the price may recover toward USD 104 - 105; conversely, a break below this area would increase the risk of a deeper correction.
Currently, USOIL is trading around USD 101, right at the key support zone of USD 99 - 101. This area should be closely monitored as it is both a psychological level and a confluence zone with the EMA100. If this support continues to hold, the price may see a technical rebound toward the USD 104–105 area, followed by the stronger resistance zone around USD 109 - 110. However, to confirm a stronger recovery, USOIL needs to reclaim the USD 105 area, where the price has recently faced repeated rejection.
In terms of momentum, the H4 RSI around 44 shows that buying pressure is no longer clearly dominant. The price is also fluctuating near the EMA50 and EMA100, reflecting that the market has not yet shifted into a strong bearish phase, but it is lacking the momentum needed to continue the previous uptrend.
In the negative scenario, if USOIL breaks below the USD 99 - 101 zone, selling pressure may extend toward the USD 97.5 - 98.5 area. If this zone also fails to hold, the price could decline further toward the next support region around USD 91 - 92. Conversely, if the price holds above the current support zone and recovers back above USD 105.5, the bullish structure could improve, opening the possibility of a retest of the USD 109 - 110 area.
Overall, USOIL on the H4 timeframe is currently leaning toward a corrective phase within a broader uptrend. The USD 99 - 101 zone remains the key short-term support, while the USD 104 - 105 area is the important resistance that needs to be broken to confirm the return of buying momentum.
06.05.2026
USOIL (WTI)
(Chart powered by TradingView. Charts are for educational and illustrative purposes only and may differ from live trading prices on our platform.)
Disclaimer: The chart reflects the analyst's opinion and does not constitute investment advice. Past performance is no guarantee of future returns. Seek independent advice before making decisions.
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Linh Tran
Market Analyst
Linh Tran is a member of the Market Analysis team at XS.com, holding a Master’s degree and with experience in the financial markets since 2018. She focuses on macroeconomic analysis, central bank policies, and multi-asset markets including forex, commodities, equities, and cryptocurrencies, delivering structured and data-driven market insights.
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This written/visual material is comprised of personal opinions and ideas and may not reflect those of the Company. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. XS, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same. Our platform may not offer all the products or services mentioned.
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