WTI opens the week above $66Us Crude Oil CFDFOREXCOM:USOILFOREXcomOver the last four trading sessions, the WTI crude oil barrel has gained more than 7.5%, marking a consistent bullish bias that, for now, is being supported by the geopolitical risk premium in the markets after President Trump announced an ultimatum of approximately 10 days for Iran to accept a nuclear agreement. At this stage, there are concerns that an escalation in tensions could result in potential disruptions to Middle East crude supply, and as long as this uncertainty remains in place, buying pressure could continue to play a relevant role in WTI price movements in the coming sessions. A new bullish trendline attempts to emerge: Since the December 2025 lows, price action in WTI has started to show a pattern of progressively higher lows in its average swings, leading to the consistent formation of a new short-term bullish trendline. Although this pattern is not yet the fully dominant technical structure on the chart, if buying pressure manages to hold consistently, it could pave the way for a more robust trendline formation that may begin influencing short-term WTI movements more clearly. However, it is important to note that as oil prices approach key resistance areas, room may open for short-term corrections. RSI: Recent RSI movements remain consistently above the neutral 50 level, indicating that the average momentum of the last 14 sessions continues to favor the bullish side. However, the formation of higher highs in WTI prices accompanied by lower highs in the RSI line has resulted in a bearish divergence, a signal that may reflect recent buying exhaustion and could eventually open the door to downside corrections in the upcoming sessions. ADX: The ADX indicator line has started to show a notable decline from the 33-point area, reflecting a loss of volatility in the 14-session average and potentially signaling a brief period of indecision. This dynamic could also align with possible corrective movements in the coming trading sessions. Key levels to monitor: $70: Major resistance corresponding to the most relevant psychological level and a price not seen since August 2025. Buying swings approaching this level could reinforce a stronger bullish bias on the chart and extend the emerging upward trend formation. $66: Current barrier and nearest resistance for bullish movements. It may become the zone that triggers consistent pullbacks in the coming sessions, especially if buying strength begins to show signs of exhaustion. $62: Key support aligned with the bullish trendline and the 200-period simple moving average. Bearish price movements that manage to break below this level could disrupt the bullish structure and give way to a phase of greater price indecision in the sessions ahead. Written by Julian Pineda, CFA, CMT – Market Analyst