Micro WTI Crude Oil Futures Hold Above Support Arc; $93 Rebound Possible
Micro WTI Crude Oil Futures are holding above the 0.786 Support Arc on the daily chart, with Arc Cycle Analysis pointing to a possible rebound toward $93.
MCL1!
The contract is interacting with the 0.786 Support Arc in the current Arc Cycle on the daily chart. Price is holding above this area, which the analysis views as a sign that a rebound may be developing.
A bullish move could target the $93 zone and the next resistance area. The note is based on Arc Cycle Analysis rather than a confirmed breakout, so the upside scenario depends on support continuing to hold.
Source: FXStreet Forex News