[Oil Breaks $105.62] The Start of High Oil Prices? Key Trading Strategies via Charts

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May 1, 2026

Hello! This is WBT from the ChartInfo team.

The crude oil ($CL) market has been looking pretty intense lately. Oil prices closed above the $105.62 resistance level—a previous major swing high—on the daily chart, showing strong upward momentum.

Since this major resistance zone was broken, many are worried if we're truly heading toward the previous high of $117 or even higher. While anxiety about an era of high oil prices is growing, as traders, let's look at the chart signals objectively.

Key Buying Zone to Watch on a Pullback: $95.4 ~ $98



If prices take a temporary breather (retracement) after this strong rally, the first support zone we should watch is around $95.4 to $98.

This area is where several strong technical factors overlap:

  1. Support from key moving averages on the 4-hour (4h) timeframe.

  2. Alignment with the 0.382 ~ 0.5 Fibonacci retracement levels.

When multiple reasons line up like this, there’s a high probability of strong buying interest coming in. Conversely, if the price drops below this zone, we should consider a potential shift back to a downtrend.

What’s the Final Target? Resistance at $115.6



So, where might this upward move end? The target high I'm looking at is around $115.6.

This price level is where a long-term trendline coming down from the peaks meets the top of the current ascending channel. It can also be interpreted as the top of a massive range (box pattern). Therefore, if oil prices reach $115.6, we should expect strong resistance and take a more conservative approach.

Reaction is Everything

The numbers I just mentioned are only projections based on the charts. The essence of trading is reacting flexibly to actual market conditions. It’s a tough market with high volatility, but I hope you all stay disciplined and achieve great results.

If you’re interested in real-time views and chart education, please follow the ChartInfo team. I'll see you in the next post with more helpful info!



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