WTI Crude Oil: Range-Bound Between Critical Levels

Looking at the H1 timeframe for WTI Crude Oil, we're observing a defined range structure:

Market Structure:

• Trading within established range (70.17-73.18)
  
• Recent rejection from 72.50 resistance
  
• Moving averages clustered around current price
  
• Multiple tests of both range boundaries
  

Key Levels:

• Upper Range: 73.178
  
• Current Price: ~72.23
  
• Lower Range: 70.168
  
• Immediate Support: 71.81
  

Technical Indicators:

• Volume showing decreased activity in recent consolidation
  
• Momentum indicators in neutral territory
  
• Price oscillating between moving averages
  
• No clear directional bias in indicators
  

Trading Considerations:

• Respect range boundaries for entries
  
• Watch for breakout confirmation with volume
  
• Key resistance at 73.17 needs clear break for upside
  
• Support at 70.17 crucial for maintaining range
  

BIAS: NEUTRAL

• Clear range-bound conditions
  
• No dominant trend direction
  
• Price centered in trading range
  
• Waiting for range breakout for directional bias