WTI crude oil futures pulled back from recent highs around $104.46 on Sept. 14, with the contract trading near $102.99 and real-time data showing prices around $101.19, as technical momentum indicators suggested the rally was losing steam.
The recent uptrend had pushed crude nearly 10% above its 50-bar moving average, according to Investopedia. The SuperTrend indicator remained bullish at $97.88, while the MACD histogram had narrowed to 0.14 — a sign of weakening upward pressure. The relative strength index sat at 69.49, close to the 70 threshold that traditionally marks overbought conditions.
Volatility, measured by the average true range, stood at 1.85, or roughly 1.8%, suggesting moderate price swings ahead.
Traders were watching a well-defined resistance zone between $103.50 and $104.46, where repeated sell-side rejections had formed a ceiling. A support confluence between $97.88 and $98.50 — where the SuperTrend and the 20-period simple moving average overlap — marked the strongest buying zone below.
A broader "chop zone" between $99.00 and $103.00, where neither buyers nor sellers held clear control, was being avoided by many short-term strategies. Key entry points included a bullish breakout above $103.60 or a bounce near $98.50, versus bearish reversal triggers below $102.50 or a breakdown under $97.50.
On the bullish side, targets were set at $104.46, $108.00 and $110.00, with a stop below $95.70, offering risk-reward ratios between 2.1 and 4.1. Bearish scenarios pointed toward $98.50, $93.67 and $90.17, with a stop above $104.50 and risk-reward between 2.0 and 6.1. Confidence leaned medium for upside and low for downside moves.
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