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OIL – Technical Analysis – 4h

February 4, 2026 17:00

Quick Summary

The chart for Crude Oil Futures reflects a cautiously bullish outlook. Recent trends highlight higher highs and higher lows from mid-January to early February. Traders need to watch key levels for confirmation of continued momentum.

Candlestick Analysis

The overall trend appears bullish, with higher highs and higher lows observed from mid-January to early February.

There is a noticeable bullish engulfing pattern around January 25, signaling a potential continuation of the upward trend.

A significant pullback is observed post reaching around $66, suggesting potential consolidation or reversal.

MACD Analysis

The MACD line has just crossed above the Signal line, indicating a bullish crossover.

The histogram bars are turning positive, suggesting increasing bullish momentum.

No clear divergence is observed at this stage between MACD and price action.

Volume Analysis

An increase in volume corresponds with the recent price rise, supporting the bullish movement.

Significant volume spikes are seen during the price surge in late January, possibly indicating institutional activity.

Support & Resistance

Strong support is identified around $60-$61, making it a crucial area for maintaining the bullish outlook.

Resistance is present at around $66, as the price has struggled to maintain above this level.

Actionable Insights

Consider entering a long position if the price holds above support levels and the MACD continues its bullish trend.

Watch for potential reversals near the $66 resistance level. Consider taking profits if the price struggles to break this level.

If already in a position, observe the MACD's crossover as a confirmation to maintain the position.

The AI Technical Analysis Center is an informational tool only and does not constitute investment or trading advice.
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