EL7.AI
Commodities•23 July 2026•
1 min read

WTI Crude Technical Analysis Signals Bullish Momentum Toward $90

Key Facts

1WTI crude oil recently broke through a key resistance zone at the $80.00 level.
2Technical analysis using Elliott Wave indicates oil is moving within impulse wave 3 toward the $90.00 level.

Amid shifting technical dynamics in the energy sector, WTI crude oil has demonstrated strong signals of an upward trend. According to technical reports, the commodity successfully broke through a key resistance zone at the $3.63 level, marking a shift in market sentiment toward bullishness. This breakout follows the move above the 38.2% Fibonacci correction level, which reinforces the current upward momentum.

Technical analysis using Elliott Wave theory indicates that oil prices are currently moving within an impulse wave 3, targeting the $90.00 per barrel mark. This analysis reflects growing buyer confidence after clearing the psychological and technical barrier at $80, which could attract further momentum-driven inflows. These levels are considered pivotal for determining the medium-term market direction based on the observed technical data.

Looking at recent economic data, the markets processed US Retail Sales figures which showed a 0.2% growth in July 2026, alongside a significant improvement in the Michigan Consumer Sentiment index to 54.4 points.