WTI Breaks Out: Is a New Bullish Trend Emerging?West Texas Intermediate Crude Oil cashBLACKBULL:WTIFM-ForexMastermind🛢️ WTI Oil Analysis 1. Macro Drivers WTI crude oil remains above the $90 level on Monday. Escalating geopolitical tensions continue to support prices, as recent U.S. strikes on Iran and ongoing Israeli operations in Lebanon raise concerns over the stability of the fragile ceasefire. Meanwhile, reports suggest that negotiations between the U.S. and Iran have reached a deadlock, adding further uncertainty to global energy markets. The International Energy Agency (IEA) has also warned that commercial oil inventories could become significantly tighter by mid-June, providing additional support for crude prices. 2. Technical Outlook From a technical perspective, WTI has successfully broken above a descending H4 trendline after a prolonged correction from the $103 area down to $86. Price is currently holding above the 0.50–0.618 Fibonacci retracement zone of the latest bullish swing, indicating that the short-term structure has shifted from bearish to a bullish recovery phase. In addition, the current Elliott Wave structure suggests that upward momentum may continue in the sessions ahead. Nearest Resistance Zones * 92.80 – 93.30 * 95.00 – 95.20 Nearest Support Zones * 88.60 – 88.90 * 85.00 – 85.40 3. Outlook The current market structure follows a classic bullish sequence: Downtrend → Trendline Breakout → Retest → Higher Continuation At this stage, buyers remain in control. As long as WTI holds above the 88.60–88.90 support zone, the preferred scenario remains further upside toward the 95–98 USD region. Wishing you a successful trading day and good profits ahead.