Chart Art: Is WTI (USOIL) Ready for Another Rally?

US crude oil prices look ready to break above the technical level Merger.

Will this lead to another rise in the commodity?

The 4-hour chart may give us more clues:

WTI Crude Oil (US Crude Oil Prices) currently has candles above $82.00, which puts the Black Crack above a consolidation area that has been in place since the previous week.

why not? Weak economic reports from the US support interest rate cut expectations from the Federal Reserve and encourage risk appetite in the markets. It also does not hurt oil prices that geopolitical conflicts between Israel and Iran-backed Hezbollah are escalating and threatening the continuity of supplies from the region.

Remember that directional biases and volatility conditions in market prices are usually driven by fundamentals. If you haven’t done your financial homework on crude oil and the US dollar yet, it’s time to check out Economic Calendar and stay informed Daily essential news!

Will USOIL’s trip above the current consolidation level lead to new highs for the commodity in June?

Watch for selling pressure at R1 ($81.31) pivot point line In case the technical resistance area attracts sellers at today’s level US Core PCE Report Encourages risk aversion or buying of the US dollar.

Continued trading above the potential resistance area R1 would set the asset up for a potential move towards the $84.00 psychological level near the R2 pivot point and the previous resistance area.

On the other hand, a rejection from $82.00 levels could pull USOIL back into its range between $80.00 and $81.00 levels. A return to the $79.96 or $79.00 pivot point line is also on the table if today’s themes encourage profit taking near the end of the trading month and quarter.

What do you think? Will crude oil prices hit new monthly highs before the end of the week? Or will the bears swoop in and bring them back to their previous levels?