Technical Outlook for Crude Oil Prices (USOIL - WTI) Amid Geopolitical Escalation and Dollar Pressure: Is It Approaching the $110 Level?

The four-hour chart shows a sideways consolidation with a slight upward bias, as prices move within a clear range between support at 98.40 and resistance at 108.00. Repeated rebounds from the lower boundary and clear rejection near the upper limit indicate a relative balance between supply and demand, with a slight advantage for buyers, especially as higher lows have been maintained in recent moves.

From an indicator perspective, momentum is approaching oversold levels, suggesting the potential for short-term fluctuations before the trend resumes. However, as long as the price remains above key support zones, the short-term bullish outlook stays intact, provided these levels are not broken with a decisive close.

The preferred trading scenario is either a confirmed breakout above resistance with strong volume to enter a new upward wave or a pullback toward support for retesting and building buying positions. Breaking the main support would shift the outlook to bearish, opening the way for a deeper decline.

Supports: 103.50 – 100.00 – 98.40

Resistances: 108.00 – 110.00 – 115.00