Technical Analysis of Crude Oil – USOIL: Weakening Momentum, Price Consolidates Within the 94–100 USD Range

On the H1 timeframe, the upward momentum in oil prices is showing signs of slowing down following the previous recovery, as the market is no longer maintaining a clear bullish structure with higher highs. After approaching the resistance zone around 100–102 USD, price has repeatedly faced selling pressure and failed to break higher, indicating that bullish momentum is gradually weakening. The formation of weaker pullbacks and the lack of expansion in price range further suggest that buying pressure is no longer dominant.

Current price action shows that the market is shifting into a sideways consolidation phase within a relatively clear range of approximately 94 to 100 USD. The 100 USD level continues to act as a key resistance, repeatedly rejecting upward moves, while the 94–95 USD area serves as short-term support, helping to maintain a state of equilibrium. This back-and-forth movement within the range reflects a phase where the market is rebalancing supply and demand after the previous strong move.

Additionally, the fact that price is moving sideways around the moving averages, with the MAs beginning to flatten, further reinforces the view that short-term momentum is fading. This typically represents a pause in the market following a prior trend, where capital temporarily steps aside and waits for clearer signals to determine the next directional move.

In this context, as long as price remains below the 100 USD level, the consolidation phase may persist, with a mild downside risk still present. A decisive break below 94 USD could shift the short-term structure into a more bearish outlook, opening the way for further declines toward the 92.5–90 USD zone.

Conversely, only a strong breakout above the 100 USD resistance with sufficient momentum would signal a potential continuation of the uptrend, with price likely targeting higher levels around 104–105 USD. Overall, the market is currently in a sideways phase with weakening momentum, suggesting that the next directional move will likely depend on a new catalyst to emerge.

18.3.2026

USOIL (WTI)

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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.