April 2026 WTI Crude Oil

The spike in crude oil prices has dominated headlines during the past week. The technicals reflected the surge in bullish sentiment, although heading into last week, prices were already poised to continue to rise and confirm broad double bottom reversal patterns for crude oil. Nevertheless, the conflict in the Middle East significantly strengthened the bullish trends, and both WTI and Brent crude oil have already surpassed the targets of the confirmed double bottoms.

The moves up are due for a correction, but as of Friday, March 6, there are no bearish patterns or confirmed signals that call for the moves up to stall. Additionally, in this type of environment, it is a challenge to predict turning points, and prices can stay overbought for a longer period than normal. However, technical analysis can help tell the story of where prices are headed and where potential turning points or extensions of the trend may occur. This analysis will identify important targets, potential stalling points, and the levels that must be taken out on a closing basis to confirm that a bearish reversal is underway within the next couple of weeks.

As always, it is important to look for multiple technical factors to help us determine when the market is turning. For now, the outlook is firmly bullish heading into the new week. Higher prices are expected, and based on current technical factors, any move down will likely prove to be a short-lived correction. Caution is warranted, though, because in this type of move for crude oil, a reversal may occur quickly.

April WTI confirmed the broad double bottom that formed between the $54.69 and $54.87 swing lows by settling above the $68.11 swing high. Monday’s gap up from $67.83 also formed a measuring pattern. A measuring gap typically forms during the impulse move of a trend and is rarely filled. Both patterns can be used to project targets, in this case $81.69 for the double bottom and $82.16 for the measuring gap. These targets were fulfilled on Thursday and overcome on Friday, which was bullish for the outlook. Additionally, April WTI settled the week above the $86.7 equal to (1.00) target of the wave up from the $41.16 (red) contract low. This wave now favors a test of its $98.6 intermediate (1.382) target and possibly the $106.2 larger than (1.618). Therefore, the outlook is firmly bullish. Closing above $95.2, a highly confluent target for several of the intraday waves up that formed during the past week (not shown), will clear the way for $98.6 and higher.

WTI Crude Oil Continuation Chart

The weekly WTI continuation chart, which is a chart of the rolling prompt month contract, also shows some important targets. The double bottom that formed between $55.12 and $54.98 on the continuation chart was confirmed by the close above the $78.40 swing high. The target of this pattern is $101.6, which is also the 62 percent retracement of the decline from $130.50 (magenta). This makes $101.6 a crucial objective and a potential stalling point because closing above the 62 percent retracement will confirm the reversal of the trend down from $130.50. This will also open the way for April’s $106.2 target to be fulfilled. Also, note that April’s $95.2 targets is in line with a significant $95.03 swing high on the continuation chart. This confirms the confluence and importance of this objective.

Nevertheless, the April contract held the XC (2.764) projection of the waves up from $54.69 (purple) and $54.87 (dark red) around $91.7 on a closing basis. Furthermore, the continuation chart held below the larger than target of the irregular wave up from $55.12 (dashed purple), the XC projection of the wave up from $54.98 (dark red), and the 50 percent retracement from $130.50 (magenta) around $92.8. This wave is irregular because the $54.98 swing low was lower than the $55.12 swing low. Normally, the second swing low must be higher than the first. The weekly KasePO, KaseCD, RSI, and Stochastic momentum oscillators are also overbought. Therefore, this is an ideal level at which a correction could occur. However, the

challenge is that there are no bearish patterns or confirmed signals that call for a test of support or a reversal.

Even so, a correction is due. Should prices pull back early in the week, look for support at $84.9. This is near the 21 percent retracement of the rise from $54.69 (blue) on the April chart and from $54.98 (blue) on the continuation chart. Closing below this will call for a test of the 38 percent retracements around $78.1. A normal correction will hold $78.1. Settling below this will warn that a reversal is underway, calling for a test of key support at $73.3. This is the April contract’s 50 percent retracement from $54.69 and the 38 percent retracement from $41.16 (dark blue). Settling below $73.3 will indicate that a bearish reversal is underway.

May 2026 Brent Crude Oil

May Brent crude oil confirmed a double bottom that formed between the $58.58 and $58.46 swing lows by closing above the $73.12 swing high. The $87.54 target of the double bottom was overcome on Friday. Furthermore, prices settled above the $90.83 target of Monday’s measuring gap up from $73.54 and the $91.0 equal to target of the wave up from the $47.18 (red) contract low. This wave now calls for a test of its intermediate target, which is within a +/- $0.65 tolerance of the $104.1 target. A sustained close above $104.1 would call for an eventual test of this wave’s $111.1 larger than target.

Brent Crude Oil Continuation Chart

More immediately, the May contract is poised to challenge the $95.2 XC projection of the wave up from $58.46 (dark red). This is also the XC projection of the wave up from $58.72 on the continuation chart. This is a potential stalling point, but settling above $95.2 will call for the 50 percent retracement from $139.13 (magenta) on the continuation chart and likely the $104.1 target to be fulfilled. The $104.1 (+/- $0.65) target is also in line with the target of the confirmed double bottom between the $58.40 and $50.72 swing lows on the continuation chart. Again, this is a very important target for both the May contract and the continuation chart, so sustaining a close above $104.1 might be a challenge. Even so, closing above $104.1 for a few days would call for a test of the 62 percent retracement from $139.13 (magenta) on the continuation chart. Settling above this would confirm a long-term bullish reversal and uptrend.

The move up is due for a correction, and the weekly and daily KasePO, KaseCD, RSI, and Stochastic momentum oscillators are overbought. However, there are no bearish patterns or confirmed signals that call for the move up to stall. Nonetheless, should prices pull back, look for support at $87.3. This is the 21 percent retracement from $58.46 (blue) for May and from $58.40 (blue) on the continuation chart. Settling below this would call for the 38 percent retracements at $80.8 to be tested. This level is expected to hold. Closing below $80.8 would

warn that a reversal is underway and call for key support and the 50 percent retracements at $76.6 to be challenged. This is also the 38 percent retracement of the rise from $47.18 (dark blue) for May. While doubtful within the next couple of weeks, settling below $76.6 would confirm that a bearish reversal is unfolding.

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