Oil Market Analysis: WTI and Brent Show Modest Gains with Bullish Sentiments

On April 4th, WTI Oil showed modest gains, trading at $85.62, with a slight increase of 0.08%. Technical analysis indicates a bullish sentiment above the pivot point of $85.01.

Resistance levels are identified at $86.10, $86.83, and $87.81, potentially capping prices, while support levels lie at $84.09, $82.98, and $81.84, marking crucial points for potential downturns.

The 50-day and 200-day EMAs, at $83.28 and $80.26 respectively, support the bullish outlook. However, breaching the pivot point of $85.01 could trigger a significant downtrend.

Brent rose to $89.57, a 0.11% increase, with a pivot point at $89.30 indicating potential upward momentum.

Resistance levels are observed at $89.91, $90.65, and $91.26, while support is found at $88.64, $88.08, and $87.31, signifying potential retracement zones.

The 50-day EMA at $87.28 and the 200-day EMA at $84.60 support a bullish trend.

A breakout above the pivot point suggests continued upward potential, but dropping below $89.30 may lead to a significant downtrend, placing Brent in a crucial position for its next market phase.