Price continues to respect a rising channel defined by higher highs and higher lows. The selloff drove price into the lower trendline near $98.00, where a brief break below was quickly reclaimed. Today’s small bullish candle (L 97.08, C 98.03) shows stabilization at trend support, though confirmation requires a daily close.

Resistance

The $106.46 horizontal level has rejected price twice. Confluence with the upper Bollinger Band at $106.96 makes 106.46-106.96 the primary overhead barrier. The channel midline (red dashed) above it has also limited upside.

Bollinger Bands

Price has rotated from the upper band to just below the basis at $98.91, now the immediate pivot. The lower band at $90.86 marks the next volatility reference, with horizontal support at $88.38 (early October low) below.

Momentum

RSI has fallen from the high 60s to 48.86, crossing below its signal line at 59.62. The 40–50 zone held during the October pullback, making it the momentum area to watch

Fundamental Backdrop

The latest decline reflected an easing of the supply-risk premium built into prices. WTI fell 7.36% on Monday to settle at $96.46, as signs of progress in diplomatic efforts in the Middle East reduced concerns over potential supply disruptions. OPEC+ kept its December production targets unchanged, providing no fresh supply catalyst to offset the selling. The pullback also followed a strong October, during which both benchmarks gained close to 15%.

WTI, Time frame: 1D, Source: TradingViewWTI, Time frame: 1D, Source: TradingView